GBPUSD – Flat
Technical observation
GBP traded within a channel as indicated above then broke below the lower trend line with a big red candle, currently it is trading below this broken level with an increasing bearish bias, this upwards movement is a correction to the just broken level and my expectation is a rejection of price at it to pick short positions. My advice, remain neutral and wait for a correction to 1.1411 to sell GBP with your take profit at 1.0963 and stop-loss at 1.1526. In case of a clear break below the zone 1.0963-1.0931, wait for a pullback to it before you continue short towards the supportive level 1.0373 or lower. I can only recommend bullish positions above the level 1.1731.
Trade recommendation
Wait for a correction to the level 1.1411 to sell GBP.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
