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Wait for a correction

Wait for a correction | 07 September 2020

07 September 2020, GBP/USD

Wait for a correction

Technical observation

GBP penetrated above a resistance line 1.3336 but was not contained above it. Price went down below the same zone and is currently trading with an increasing bearish momentum. I expect a pullback to the above-mentioned key level followed by a rejection at it to sell this pair. My advice, wait for a correction to the line 1.3336 and a rejection at it to sell GBP with your take profit at 1.2785 and stop loss at 1.3511. In case of a clear breakout below the zone 1.2785-1.2748 with a big red candle, wait for a correction to the just broken and bounce within it before you continue short towards 1.2205.

Trade recommendation

Wait for a correction to the line 1.3336 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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