We're flat | 16 November 2020

16 November 2020, GBP/USD

We're flat

Technical observation

On then chart above, price is trading between a supportive zone 1.3110-1.3098 and a resistance line 1.3277 with an increasing bearish bias. My expectation is either a decline to the supportive zone mentioned above followed by a rejection within it to buy GBP or a clear breakout above the line 1.3277 with a big green candle for upwards momentum. In case of a decline to the zone 1.3110-1.3098, buy GBP within it with your take profit at 1.3277 and stop loss at 1.3048. In case of a break above 1.3277, wait for a correction before you buy GBP. Right now remaining flat with this pair is ideal than picking any positon.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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