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Wait for a correction

Wait for a correction | 07 December 2020

07 December 2020, GBP/USD

Technical observation

Last week GBP went up with and is still showing signs of rising even further. I expect a correction to the line 1.3305 followed by a rejection at it to long GBP towards 1.4244. My advice wait for a correction to the line 1.3305 and a rejection at it to buy GBP with your take profit at 1.4244 and stop loss at 1.3054. In case of a break above the line 1.4244 with a big green candle, wait for a correction to it and a bounce confirming a further momentum to the upper side before you continue long with this pair towards the resistance line 1.5018. As it is on the chart above, you can only anticipate bullish movements.

Trade recommendation

Wait for a correction to 1.3305 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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