Wait for a correction | 12 Oktober 2020

12 Oktober 2020, GBP/USD

Wait for a correction

Technical observation

On the chart above, price penetrated above a resistance zone 1.3006-1.2970 with a big green candle and is still trading with an increasing bullish bias. My expectation is a correction to the just broken zone followed by a clear bounce within it for bullish price rally towards the resistance line 1.3386. My advice, wait for a correction to the zone 1.3006-1.2970 and a rejection within it to buy GBP with your take profit at 1.3386 and stop loss at 1.2809. In case price breaks below the zone 1.3006-.12970 and is contained below it, then the penetration above the zone was false and you can anticipate bearish movements.

Trade recommendation

Wait for a correction to 1.3006-1.2970 to buy GBP with your take profit at 1.3386.

Imelda Maseno
Analyst of «FreshForex» company
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