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We're flat

We're flat | 23 November 2020

23 November 2020, GBP/USD

Technical observation

Last week, this pair closed bullish below the resistance line 1.3305. This week I expect a clear breakout above the same line with a big green candle followed by a correction to it for a momentum to the upper side. In case price does not penetrate above the line and instead retraces to the supportive zone 1.2634-1.2571, wait for a bounce within it to re-buy GBP with your take profit at 1.3305 and stop loss at 1.2181. Right now, remaining neutral with this pair is ideal than picking any position. You can only anticipate bearish movements of this pair below the zone 1.2634-1.2571 towards 1.1655.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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