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Wait for a correction

Wait for a correction | 21 October 2020

21 October 2020, GBP/USD

Wait for a correction

Technical observation

On the chart above, price broke above a resistance zone 1.2956-1.2952 and I still trading with an incr4easing bullish momentum. However, I expect a correction to the just broken zone followed by a rejection within it to buy GBP towards the key level 1.3007. Should price break above the zone 1.3013-1.3007 with a big green candle, you can anticipate a further rise towards the level 1.3068 after a correction to the just broken zone followed by a clear bounce within it. Right now as it is on the chart above, wait for a correction to the zone 1.2956-1.2952 and a rejection within it to buy GBP.

Trade recommendation

Wait for a correction to 1.2956-1.2952 to buy GBP with your take profit at 1.3007.

Imelda Maseno
Analyst of «FreshForex» company
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