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Still long

Still long | 23 January 2020

23 January 2020, GBP/USD

Technical observation

After a rejection within the supportive zone this pair established around 1.2984-1.2948, GBP has been rising steadily towards a key resistance level 1.3516. I still expect more of this bullish price rally today to the level marked 1.3516 followed by a possible penetration above it. If you bought GBP within 1.2984-1.2948 after a bounce, remain in the trade with your take profit at 1.3516 and stop loss at 1.2818. As long as price is contained above the supportive zone mentioned above only bullish price movements can be expected, bearish momentum of GBP may be anticipated in case of a penetration below 1.2984-1.2948.

Trade recommendation

Remain long with your take profit at 1.3516.

Imelda Maseno
Analyst of «FreshForex» company
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