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Wait for a correction

Wait for a correction | 10 January 2022

10 January 2022, GBP/USD

Wait for a correction

Technical observation

In the previous week the value of the pair on the weekly chart above went up with a big green candle and it is still showing signs of rising even further. I however expect a loss of this upwards movement followed by a correction to the zone 1.3435-1.3354 and a rejection within it to buy GBP with my take profit at 1.4239. If price rises and clearly penetrates above the key level 1.4239 with a big green candle, I expect it to ascend further towards the upper resistance level 1.5535 but in case of a clear breakout below the zone 1.3435-1.3354 with a big red candle I expect GBP to plummet towards 1.2028 after a retracement to the broken zone.

Trade recommendation

Wait for a correction to the zone 1.3435-1.3354 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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