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Remain neutral

Remain neutral | 05 January 2022

05 January 2022, GBP/USD

Technical observation

On the chart above, I anticipated a rejection of price within the resistance zone 1.3435-1.3354 followed by a surge to the lower side, however this pair rose and broke above the same zone with a big green candle and as long as it stays above this zone, I can only recommend bullish positions for this pair. Right now I would advise that you wait for a correction to the broken zone then buy a bounce within it with your take profit at 1.4239 and stop loss at 1.3068. In case of a clear breakout above the key level 1.4239 with a big green candle, I expect the value of this pair to spike towards the upper resistance level 1.5535.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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