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Wait | 20 January 2020

20 January 2020, GBP/USD

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Technical observation

GBP is trading on an upward trend above a supportive zone 1.2984-1.2951, currently price is retracing towards the zone and I expect a rejection of it within the zone for bullish price rally towards the resistance line 1.3515. Wait for a correction to the above-mentioned zone and a bunce within it to buy GBP with your take profit at 1.3515 and stop loss at 1.2821. In case there is no rejection within the zone but a clear penetration below it with big red candle, wait for a correction to the just broken zone to confirm possible bearish price rally before you sell GBP with your take profit at 1.2562.

Trade recommendation

Wait for a correction to 1.2984-1.2951 buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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