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Wait for a second retracement to the zone 1.3661-1.3599 to sell GBP

Wait for a second retracement to the zone 1.3661-1.3599 to sell GBP | 08 October 2021

08 October 2021, GBP/USD

Wait for a second retracement to the zone 1.3661-1.3599 to sell GBP

Technical observation

This week GBP has been trading with an increasing bullish bias towards the resistance zone 1.3661-1.3599, this bullish movement is a retracement to the zone and I expect a rejection within of price within it for a momentum to the lower side, however, price can still break above it with a big green candle, therefore my advice, wait for a second correction to the resistance zone I have mentioned above and a rejection within it to pick short positions with your take profit at 1.2565 and stop loss at 1.3914. If price clearly breaks below the supportive level 1.2565 with a big red candle, I expect it to plummet further to the lower supportive level 1.1518.

Trade recommendation

Wait for a second retracement to the zone 1.3661-1.3599 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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