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We're flat

We're flat | 26 February 2020

26 February 2020, GBP/USD

We're flat

Technical observation

On the weekly chart above price is trading between a resistance zone 1.3341-1.3281 and a supportive level 1.2553. My expectation is either a rise to 1.3341-1.3281 followed by either a rejection within it or a clear penetration above the zone. Or, a decline to the support 1.2553 followed by a penetration below it. In case of a rise to 1.3341-1.3281, sell GBP within it after a rejection however should there be a penetration above it the line then upward movements can be anticipated after a correction. Bearish movements can only be expected in case of a clear break below 1.2553 towards 1.1950.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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