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Wait for a retracement to sell

Wait for a retracement to sell | 10 September 2020

10 September 2020, GBP/USD

Wait for a retracement to sell

Technical observation

Yesterday price went down and penetrated below a supportive zone 1.3037-1.3019 with a big red candle, and as long as it is contained below this zone, only bearish movements of price can be anticipated. My advice, wait for a correction to the zone mentioned above and a rejection within it to sell GBP with your take profit at 1.2854 and stop loss at 1.3104. Should there be a clear breakout below the line with a big red candle; the value of this pair could plummet further to the supportive level 1.2652. On the chart above, on your way downwards the levels to look for are, 1.2854, 1.2652, 1.2452 and 1.2273.

Trade recommendation

Wait for a retracement to 1.3037-1.3019 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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