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Wait for a pullback to sell GBP

Wait for a pullback to sell GBP | 25 September 2020

25 September 2020, GBP/USD

Wait for a pullback to sell GBP

Technical observation

GBP did not break below the line 1.2631; instead, it bounced at it and is currently trading with an increasing bullish momentum above the same line. Expect this bullish movement to continue to the resistance zone 1.3006-1.2970 followed by a rejection within it to re-sell GBP with you take profit at 1.2631 and stop loss at 1.3100. In case this take profit is triggered and there is a clear break below it with a big red candle, wait for a correction to the just broken zone and a bounce confirming further bearish movements of price before you continue short towards the supportive zone marked at 1.2226-1.2194.

Trade recommendation

Wait for a correction to 1.3006-1.1.2970 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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