FreshForex_company
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Technical observation
GBP is rallying around a key level 1.2696 and I expect bearish momentum towards the support 1.2113 followed by a breakout below it for a further decline in price. You can sell this pair at 1.2696 after a close at it with your take profit at 1.2113 and stop loss at 1.2929. In case of a penetration below 1.2113, wait for a correction to it confirming further bearish price rally before you continue short. Long positions may only be recommended should there be a clear breakout above 1.2696 with a big green candle followed by a correction to it more than once. Right now only short positions look ideal and can be recommended on the daily chart above.
Trade recommendation
Sell GBP at 1.2696 with your take profit at 1.2113 and stop loss at 1.2929.
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