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Wait | 25 November 2020

25 November 2020, GBP/USD

Technical observation

GBP is trading above a line 1.3279 it recently penetrated above with an increasing bearish bias. This bearish movement is a retracement to the level 1.3279 and I expect a loss of it at the same line for a momentum to the upper side. My advice wait for a correction to the line 1.3279 and a rejection at it to buy GBP with your take profit at 1.3604 and stop loss at 1.3117. In case of a clear breakout above the line 1.3604 with a big green candle, wait for a retracement to it and a bounce confirming further bullish movements of price before you continue long with this pair towards the upper resistance level 1.3985.

Trade recommendation

Wait for a correction to 1.3279 and a bounce to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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