GBPUSD – Flat
Technical observation
Just like EUR, GBP is trading with an increasing bearish bias above a supportive level it established at 1.1994 and my expectation is either a rejection of this downwards movement at the line or a clear breakout below it with a big red candle. If you are currently holding short positions with the pair above, I would recommend that you pick your profits at the level 1.1994. However, if you are neutral, remain so and wait for another correction to the resistance zone 1.2656-1.2617 or a clear break below the level 1.1994 to sell GBP. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.2656-1.2617.
Trade recommendation
Remain short with your take profit at 1.1994.
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