Wait | 15 September 2020

15 September 2020, GBP/USD

Wait

Technical observation

Last week, GBP went down with a big red candle but did not break below the supportive line 1.2695. Price bounced at the line and is currently trading with an increasing bullish momentum. This upwards movement is correction to the resistance zone 1.3461-1.3409 and I expect a bounce within it to re-sell this pair. If you went short with GBP within the resistance zone 1.3461-1.3409 last week, at the line 1.2695 was the ideal place to pick your profits. Right now, remain flat and wait for a correction to the above-mentioned zone and a rejection within it to sell GBP with your take profit at 1.2695 and stop loss at 1.3797.

Trade recommendation

Wait for a correction to 1.3461-1.3409 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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