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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 26 January 2022

26 January 2022, GBP/USD

Wait for a correction to sell GBP

Technical observation

On the daily chart above price broke below the resistance zone 1.3593-1.3563 with a big red candle and yesterday it retraced to the just broken zone but could not reach it. Today, I expect further upwards movement to the zone mentioned above followed by a rejection within it to pick short positions with my take profit at 1.3206 and stop loss at 1.3746. In case of a clear breakout below the level 1.3206 with a big red candle, I expect the value of this pair to plummet further towards 1.2870 after a correction to the broken line. As long as GBP is contained below the zone 1.3593-1.3563, I can only recommend bearish positions.

Trade recommendation

Wait for a correction to the zone 1.3593-1.3563 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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