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Wait for a correction to the zone 1.3788-1.3778

Wait for a correction to the zone 1.3788-1.3778 | 07 September 2021

07 September 2021, GBP/USD

Wait for a correction to the zone 1.3788-1.3778

Technical observation

GBP retraced to the supportive zone 1.3788-1.3778, it bounced within it then rose steadily up to the resistance level 1.3883. Price did not break above the level 1.3883, instead it, bounced at it and then declined for some time. Right now it is trading with an increasing bullish bias and despite this upwards movement I expect a rally to the supportive zone I mentioned above, the anticipated bearish movement is a correction to the same zone and I expect a loss of it within the zone to pick long positions with my take profit at 1.3883 and stop loss at 1.3741. I can only recommend short positions below the zone 1.3788-1.3778.

Trade recommendation

Wait for a correction to the zone 1.3788-1.3778 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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