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Sell a bounce within 1.3006-1.2970

Sell a bounce within 1.3006-1.2970 | 01 October 2020

01 October 2020, GBP/USD

Sell a bounce within 1.3006-1.2970

Technical observation

GBP is trading with an increasing bullish bias just below the resistance zone 1.3006-1.2970, I expect a loss of this upwards movement within the zone for bearish rally towards the key line 1.2626. In case there is no rejection within the zone 1.3006-2.2970 but a clear breakout above it with a big green candle, bullish movements can be anticipated if price pulls back to the just broken zone and a bounce within it. However, as long as price is contained below the same zone, you can only anticipate bearish price movements towards the key level 1.2626, or even lower to the supportive zone 1.2226-1.2194.

Trade recommendation

Sell a bounce within 1.3006-1.2970 with your take profit at 1.2626.

Imelda Maseno
Analyst of «FreshForex» company
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