GBPUSD – Flat
Technical observation
On the weekly chart above the value of GBP has been trading with an increasing bearish bias for the past three consecutive weeks and this week I expect a continuation of this downwards movement. In case you picked short positions within the zone 1.2401-1.2306 after a bounce, I recommend that you remain in the trade with your take profit at 1.0368 and stop-loss at 1.2850, if there is a break below the level 1.0368, remain flat and wait for a correction to it before you continue short with this pair, and in case the price rises above the zone 1.2401-1.2306, I anticipate a possible momentum towards the resistance level 1.4236.
Trade recommendation
Remain short with your take profit at 1.0368.
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