GBPUSD – Flat
Technical observation
Just like EUR, GBP pulled back to a resistance zone it established at 1.2278-1.2186 but did not break above it, instead it bounced within this zone and last week price declined slightly. As long as the value of GBP is contained below the zone indicated above I expect a continuation of this bearish movement and if you sold this pair within the zone 1.2278-1.2186 after a bounce my advice is, remain short with your take profit at 1.0368 and stop-loss at 1.2740. In case of a clear break below the level 1.0368, wait for a correction to it before you continue short. A rally to the upper side can only be expected in case of a clear break above the zone 1.2278-1.2186.
Trade recommendation
Remain short with your take profit at 1.0368.
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