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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 12 March 2020

12 March 2020, GBP/USD

Wait for a correction to buy GBP

Technical observation

Yesterday this pair went down with a big red candle but did not reach the supportive zone 1.2770-1.2746. Price is trading above this zone and I expect a decline to it followed by a bounce .As long as GBP is contained above 1.2770-1.2746, only bullish movements can be expected. Wait for the correction to 1.2770-1.2746 and a rejection within it to buy GBP with your take profit at 1.3208 and stop loss at 1.2601. Should there be a penetration above the line 1.3208, a spike towards the resistance level 1.3617 may be anticipated. At the moment, short positions looks abit risky and may not be recommended.

Trade recommendation

Wait for a pullback to 1.2770-1.2746 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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