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Wait for a correction to 1.2681 to buy GBP.

Wait for a correction to 1.2681 to buy GBP. | 02 January 2019

02 January 2019, GBP/USD

Wait for a correction to 1.2681 to buy GBP.

Technical observation

GBP went above a resistance level 1.2681 before pulling back to it.Currently price is rallying on an increasing bearish momentum towards the level. My expectation is a rejection of it at the line for bullish rally towards 1.2883-1.2864.While the price is contained above 1.2681, I believe GBP is within buyers reach. As it is i am waiting for the correction to 1.2681 and a clear bounce sign to buy GBP with my take profit at 1.2864 and stop loss at 1.2606 and should the price ascend above it then I’ll wait for a correction to the just broken zone to confirm further bullish price rally before I continue long with this pair towards 1.3074.

Trade recommendation

Wait for a correction to 1.2681 to buy GBP.

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Imelda Maseno
Analyst of «FreshForex» company
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