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We're flat

We're flat | 27 January 2020

27 January 2020, GBP/USD

We're flat

Technical observation

GBP continues to decline towards the supportive zone 1.2984-1.2948. I expect either a rejection of price within the zone or a clear breakout below it with a big red candle. In case price is rejected within the zone mentioned above, bullish movements of GBP can be expected towards 1.3516, and you can buy GBP within the zone with your take profit at 1.3516 and stop loss at 1.2821. However, in case of a penetration below 1.2984-1.2948 with a big red candle, wait for a correction to it and a bounce confirming possible bearish movements of price before you sell GBP with your take profit at 1.2562 and stop loss at 1.3084.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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