Wait for a correction to 1.2600 to buy GBP | 03 Juni 2019

03 Juni 2019, GBP/USD

Wait for a correction to 1.2600 to buy GBP

Technical observation

GBP went down a supportive level 1.2600 but could not be contained below it, it then went above the same line and is currently trading above it on an increasing bearish bias, I expect a retracement to the level 1.2600 followed by a rejection at it for possible bullish price rally towards the line 1.2744 and a possible penetration above it for a further rise in price towards the line 1.2915.my advice, wait for a correction to 1.2600 and a rejection at it to buy GBP with your take profit at 1.2744 and stop loss at 1.2543. As long as GBP is contained above 1.2600, only long positions look ideal and may be recommended for the pair on the chart above.

Trade recommendation

Wait for a correction to 1.2600 to buy GBP with your take profit at 1.2744 and stop loss at 1.2543.

Imelda Maseno
Analyst of «FreshForex» company
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