GBP/USD analysis for February 07, 2019 - ConsultFX

GBP/USD analysis for February 07, 2019


The GBP/USD pair broke the short-term support at the price of 1.2925 and confirmed downside continuation. So far, we still see that sellers are in control and that trend is bearish. Price is still trading below the Ichimoku cloud on the H1 time, which is a sign of weakness. My advice is to watch for selling opportunities.

1.2914 – Intraday resistance – Tenkan-sen yellow line

1.2935 – Intraday resistance – Kijun-sen purple line

Trading recommendation: We are bearish on GBP/USD from 1.2900 and a downward target at the price of 1.2825. Protective stop is placed at 1.2935

The material has been provided by InstaForex Company -