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Waiting for a correction to buy GBP

Waiting for a correction to buy GBP | 17 September 2021

17 September 2021, GBP/USD

Technical observation

Last week the value of the pair on then chart above rallied to the lower side and this week there is still a continuation of this bearish movement towards the supportive zone it established at 1.3661-1.3599. I expect price to plunge further to the zone I have mentioned above followed by either a bounce within it or a clear break below it with a big red candle. My advice, remain neutral temporarily and buy a bounce within the zone 1.3661-1.3599 with your take profit at 1.4615 and stop loss at 1.3344. In case of a clear breach below the same zone, wait for a retracement to it and sell a bounce within it with your take profit at 1.2565.

Technical observation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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