Wait for a correction

27 März 2020, GBP/USD

Wait for a correction

Technical observation

Price rose to the resistance line 1.2059 but was not contained below it and a breakout was seen when it went above the line with a big green candle. A pull back to the just broken zone followed by a bounce at it can be expected for bullish movements of GBP. You can wait for a correction to the just broken level and a rejection at it to pick long positions with your take profit at the lowest level of the zone 1.2770-1.2746. If this take profit is hit and there’s a clear breakout above it with a big green candle, continue long with this pair after a correction to the just broken zone followed by a correction to it.

Trade recommendation

Wait for a retracement to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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