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Wait for a correction

Wait for a correction | 08 December 2021

08 December 2021, GBP/USD

Wait for a correction

Technical observation

GBP is trading with an increasing bullish bias above the supportive level 1.3191, this upwards movement is a correction to the resistance zone 1.3363-1.3352 and I expect it to continue to the same zone followed by a rejection within it to re sell GBP with my take profit at 1.3194 and stop loss at 1.3426. If GBP is not sustained below the zone I have mentioned above but instead it penetrates above it with a big green candle, I expect a correction to the just broken zone and a bounce within it followed by a surge to the upper side. Right now I would advise you remain neutral temporarily and wait for a correction to the zone 1.3363-1.3352.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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