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Looking to buy within 1.3661-1.3599

Looking to buy within 1.3661-1.3599 | 20 October 2021

20 October 2021, GBP/USD

Looking to buy within 1.3661-1.3599

Technical observation

Last week, GBP was not sustained below the zone 1.3661-1.3599 instead it penetrated above the zone with a big green candle and since the beginning of this week price has been trading with an increasing bullish bias. I expect a loss of this upwards movement followed by a pullback to the zone I have mentioned above and a rejection within it to buy GBP with my take profit at 1.4615 and stop loss at 1.3321. If there is a clear breakout above the key level 1.4615 with a big green candle, I expect a further momentum to the upper side towards the resistance level 1.5891. I can only recommend short positions below the zone 1.3661-1.3599.

Trade recommendation

Wait for a correction to the zone 1.3661-1.3599 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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