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We're neutral

We're neutral | 08 January 2021

08 January 2021, GBP/USD

Technical observation

The pair on the weekly chart above has been trading with an increasing bullish bias since it penetrated above a zone 1.3461-1.3409, this week however, GBP has been rallying downwards. This bearish movement is a retracement to the zone mentioned above and I expect a loss of it within the zone to buy this pair. My advice, remain flat temporarily and wait for a pullback to the zone 1.3461-1.3409 and a rejection within it to buy GBP with your take profit at 1.4249 and stop loss at 1.3095. If price penetrates above the line 1.4249 with a big red candle, you can anticipate a further rise towards the level 1.5022.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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