GBPUSD – Flat
Technical observation
This week GBP has been trading with an increasing bearish bias and I expect it to continue to decline to the supportive level 1.1655. If you are currently holding bearish positions with the pair above, remain in the trade and pick your profits at 1.1655. In case this take profit is hit and there is a clear break below it with a big red candle, I expect the value of the pair above to plummet further, but should there be a rejection of price at the same line, I expect bullish momentum towards the zone 1.3439-1.3355 and a rejection within it to re-sell GBP. I can only recommend bullish positions in case of a clear break above the zone 1.3439-1.3355.
Trade recommendation
Remain short with your take profit at 1.1655.
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