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Wait for a correction to 1.3044-1.3036

Wait for a correction to 1.3044-1.3036 | 15 November 2018

15 November 2018, GBP/USD

Wait for a correction to 1.3044-1.3036

Technical observation

On the Hourly chart above price is moving on a downward momentum with several retracements at the key resistance zone 1.3044-1.3036.Currenlty GBP is rallying below the above mentioned zone and I expect nothing but a rise to it followed by a rejection within for possible bearish momentum. My advice, wait for the correction to 1.3044-1.3036 then pick short positions within it with your take profit at 1.2916 and stop loss slightly above 1.3044.On your way downwards the key lines to look for include;1.2916, 1.2843 and 1.2731.Long positions may only be recommended in case of a clear break above 1.3044-1.3036 with a big green candle.

Trade recommendation

Wait for a correction to 1.3044-1.3036 to sell GBP/USD.

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Wait for a correction to 1.3044-1.3036

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Imelda Maseno
Analyst of «FreshForex» company
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