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Wait for a pullback to buy GBP

Wait for a pullback to buy GBP | 10 Juni 2020

10 Juni 2020, GBP/USD

Wait for a pullback to buy GBP

Technical observation

GBP is still trading with an increasing bullish momentum above the zone 1.26262-1.2601 it recently penetrated above. I expect a correction to the just broken zone followed by a rejection within it for a surge to the upper side to the resistance line 1.3211. My advice, wait for a pull back to the zone 1.26262-1.2601 and a bounce within it to pick long positions with your take profit at 1.3211 and stop loss at 1.2453. Should there be a clear penetration above the key level 1.3122 with a big green candle, I expect further bullish momentum of GBP. On the chart above, short positions can only be expected below 1.26262-1.2601.

Trade recommendation

Wait for a pullback to 1.26262-1.2601 to buy GBP with your take profit at 1.3211.

Imelda Maseno
Analyst of «FreshForex» company
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