Wait | 14 Oktober 2020

14 Oktober 2020, GBP/USD

Technical observation

GBP was not contained above the zone 1.3006-1.2970, instead price penetrated below it and is still trading with an increasing bearish bias, I however expect a pullback to the just broken zone followed by a bounce within it to short GBP towards the level 1.2626. My advice, wait for a correction to the zone 1.3006-1.2970 and a rejection within it to sell GBP with your take profit at 1.2626 and stop loss at 1.3170. In case this take profit is triggered and there is a clear breakout below it with a big red candle, the value of this pair could plummet further to the lower side towards the supportive zone 1.2226-1.2194.

Trade recommendation

Wait for a pullback to 1.3006-1.2970 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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