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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 10 December 2021

10 December 2021, GBP/USD

Wait for a correction to sell GBP

Technical observation

GBP broke below a zone 1.3344-1.3292 and since then it has been trading with an increasing bearish bias, however, I expect a correction to the just broken zone followed by a bounce within it to pick short positions with my take profit at 1.2026 and stop loss at 1.3686. As long as GBP is retained below the zone 1.3344-1.3292, I can only recommend short positions for this pair an in case of a breakout below the supportive level 1.2026 with a big red candle, further bearish movements of this pair can be anticipated, however, if GBP is not contained below the zone 1.3344-1.3292 then you can expect bullish rally towards 1.4245.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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