GBPUSD – Flat
Technical observation
GBP retraced to the resistance zone 1.1758-1.1739 and it bounced within it as I has predicted previously, price then declined steadily and right now it is still trading with an increasing bearish bias slightly above the supportive level 1.1405. My expectation is a further surge towards the level I have mentioned above followed by either a rejection of price at it or a clear break below it with a big red candle. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1405 and stop-loss at 1.1852, I can only recommend bullish positions in case of a break above the zone 1.1758-1.1739.
Trade recommendation
Remain short with your take profit at 1.1405.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
