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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 28 January 2020

28 January 2020, GBP/USD

Wait for a correction to sell GBP

Technical observation

For the past three consecutive days, GBP has been trading on an increasing bearish momentum towards a supportive zone 1.2984-1.2948, I expect a loss of this downwards movement within the zone due to this downwards movement being a retracement. Bullish movements towards the resistance level 1.3516 can then be anticipated. However, in case price is not rejected within the zone 1.2984-1.2948 but instead penetrate below it with a big red candle, wait for retracement to the just broken line to confirm possible bearish movements of this pair before you sell GBP with your take profit at 1.2562.

Trade recommendation

Wait for a correction to 1.2984-1.2948 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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