GBP/USD analysis for February 06, 2019

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The GBP/USD pair did a great job on the downside and our profit target at 1.2963 has been reached. So far, I still see that sellers are in control and that trend is bearish. GBP/USD is trading between yesterday's low at 1.2924 (support) and daily pivot (1.2973 – intraday resistance). Price is still trading below the Ichimoku cloud on the H1 time, which is a sign of weakness. My advice is still to watch for selling opportunities.

1.2924 – Intraday support – yesterday's low

1.2973 – Intraday resistance- Daily pivot and Kijun-sen (purple line)

Trading recommendation: We exited our GBP/USD position at 1.2963 and we made 120 pips. We will add a smaller sell position on the potential breakout of support (1.2924). Potential targets will be set at the price of 1.2890 and 1.2850. Protective stop will be placed at 1.2980.

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