GBPUSD – Flat
Technical observation
GBP is trading with an increasing bearish bias slightly below the resistance zone 1.2185-1.2062; my expectation is a loss of this bearish movement followed by a rise to the zone indicated above and a rejection of price within it. As it is on the chart above, I recommend that you remain neutral and wait for a pullback to the zone I mentioned earlier then sell a bounce within it with your take profit at 1.0368 and stop-loss at 1.2670. If there is a clear break below the level 1.0368 with a big red candle, continue short after a correction and a rejection at the broken line. On weekly chart above I can only recommend bullish positions in case of a clear break above the zone 1.2185-1.2062.
Trade recommendation
Wait for a correction to the zone 1.2185-1.2062 to sell GBP.
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