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Looking to buy within 1.3348-1.3294

Looking to buy within 1.3348-1.3294 | 31 December 2021

31 December 2021, GBP/USD

Technical observation

GBP declined and broke below the zone 1.3348-1.3294 but it was not contained below it, instead price rose above the same zone and it is still showing signs of rising even further, however, I expect a loss of this upwards movement followed by a correction to the zone mentioned above and rejection within it to buy GBP with my take profit at 1.4606 and stop loss at 1.3053. In case of price rise and penetrates above the level 1.4606 with a big green candle, i expect a further momentum towards the upper resistance level 1.5887. On the weekly chart above as long as GBP is sustained above the zone 1.3348-1.3294, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to the zone 1.3348-1.3294 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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