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Wait for a correction

Wait for a correction | 31 March 2020

31 March 2020, GBP/USD

Wait for a correction

Technical observation

GBP is retracing steadily towards a zone1.2059-1.2027 it penetrated below with an increasing bearish momentum. My expectation is a loss of this bearish price rally within the zone for possible upwards movements. My advice, wait for a correction to the zone 1.2059-1.2027 and a clear rejection within it to buy GBP with your take profit at 1.2746 and stop loss at 1.1804. In case this take profit is hit and there is a clear penetration above the resistance zone 1.2770-1.2746 with a big green candle, further bullish price movements towards the highest resistance level 1.3312 can be anticipated.

Trade recommendation

Wait for a correction to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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