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We're neutral

We're neutral | 12 November 2020

12 November 2020, GBP/USD

We're neutral

Technical observation

GBP bounced at the key level 1.3279 as anticipated and yesterday it declined slightly, I still expect further bearish rally towards the zone it established at 1.2874-1.2830, followed by a rejection. My advice, remain flat and wait for a correction to the zone 1.2874-1.2830 followed by a rejection within it to re-buy GBP with your take profit at 1.3279 and stop loss at 1.2671. Should there be no bounce within the same zone but a clear breakout below it with a big red candle; you can expect the value of this pair to plummet downwards after a correction to the just broken zone and clear bounce within it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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