Wait | 20 January 2020
20 January 2020, GBP/USD
Technical observation
GBP is trading on an upward trend above a supportive zone 1.2984-1.2951, currently price is retracing towards the zone and I expect a rejection of it within the zone for bullish price rally towards the resistance line 1.3515. Wait for a correction to the above-mentioned zone and a bunce within it to buy GBP with your take profit at 1.3515 and stop loss at 1.2821. In case there is no rejection within the zone but a clear penetration below it with big red candle, wait for a correction to the just broken zone to confirm possible bearish price rally before you sell GBP with your take profit at 1.2562.
Trade recommendation
Wait for a correction to 1.2984-1.2951 buy GBP.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
