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Remain short

Remain short | 19 October 2020

19 October 2020, GBP/USD

Remain short

Technical observation

GBP is trading with an increasing bearish momentum below a resistance zone it established around 1.2945-1.2939. I expect the value of this pair to plummet further to the lower side towards the support level 1.2863 followed by a clear breakout below it for a further surge to the lower side, My advice, if you sold GBP within the zone 1.2945-1.2939 after a bounce, remain short with your take profit at 1.2863 and stop loss at 1.2961. In case of a break above 1.2945-1.2939, wait for a retracement to it and a rejection within it to confirm a momentum to the upper side before you buy GBP towards 1.3007.

Trade recommendation

Remain short with your take profit at 1.2863 and stop loss at 1.2961.

Imelda Maseno
Analyst of «FreshForex» company
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