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Wait for a correction to the zone 1.3572-1.3550

Wait for a correction to the zone 1.3572-1.3550 | 28 January 2022

28 January 2022, GBP/USD

Wait for a correction to the zone 1.3572-1.3550

Technical observation

GBP broke below the supportive level 1.3572-1.3550 with a big red candle then retraced to it once and price bounced below the zone then rallied to the lower side with an increasing bearish momentum. The value of this pair is still trading with an increasing bearish bias however, I expect a loss of this downwards movement followed by a correction to the zone 1.3572-1.3550 and a bounce within it to pick long position with my take profit at 1.3206 and stop loss at 1.3708. Should there be a clear breakout below the level 1.3206 with a big red candle, I expect a further surge to the lower supportive level marked at 1.2688.

Trade recommendation

Wait for a correction to the zone 1.3572-1.3550 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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