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Waiting for a pullback

Waiting for a pullback | 22 July 2021

22 July 2021, GBP/USD

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Technical observation

GBP is retracing to the resistance level 1.3754, i expect a continuation of the bullish movement on the chart above to the level I have mentioned above followed by a rejection at it to sell GBP with my take profit at 1.3592 and stop loss at 1.3822. In case of a clear breakout below the level 1.3592 with a big red candle, I expect a further surge to the lower side after a retracement to the just broken line and a bounce at it. Should there be a clear breakout above the line 1.3754 with a big red candle, wait for a correction to it confirming a momentum to the upper side before you pick long positions towards the key level 1.3993.

Trade recommendation

Wait for a correction to the level 1.3754 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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