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We're long towards 1.4244

We're long towards 1.4244 | 13 October 2020

13 October 2020, GBP/USD

We're long towards 1.4244

Technical observation

GBP retraced to the supportive zone 1.2729-1.2665 but could not break below it. Price bounced within the same zone and is currently trading with an increasing bullish momentum towards the resistance zone 1.3415-1.3352. I expect this upwards movement to continue to the same resistance zone followed by a clear breakout above it with a big green candle for further bullish movements of price towards the key line 1.4244. My advice, if you bought GBP within the zone 1.2729-1.2665 after a bounce, remain in the trade with your take profit at 1.4244 and stop loss at 1.2342. Only bullish positions look ideal for GBP.

Trade recommendation

Remain long with your take profit at 1.4244.

Imelda Maseno
Analyst of «FreshForex» company
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