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Wait for a correction to the zone 1.3604-1.3592

Wait for a correction to the zone 1.3604-1.3592 | 12 January 2022

12 January 2022, GBP/USD

Wait for a correction to the zone 1.3604-1.3592

Technical observation

The current trend for the pair on the 4 hour chart above is upwards; recently price ascended above the resistance zone 1.3604-1.3592 with a big green candle and it is still showing signs or rallying further upwards, however, despite this movement to the upper side, I expect price to correct to the just broken zone followed by a bounce within it to buy GBP with my take profit at 1.3824 and stop loss at 1.3549.Should there be a clear breakout above the resistance level 1.3824, I expect GBP to surge further towards 1.4000. Right now i would advise that you remain flat and wait for a retracement to the zone 1.3604-1.3592 to pick long positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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