Wait for a correction | 24 January 2020
24 January 2020, GBP/USD
Technical observation
Yesterday GBP went down instead of rising and is still showing signs of moving further downwards towards the supportive level 1.2984-1.2948. My expectation is a rejection of this downwards movement within the zone mentioned above for bullish price rally towards 1.3516. Wait for a correction to 1.2984-1.2948 and a rejection within it to buy GBP with your take profit at 1.3516 and stop loss at 1.2821. In case GBP is not rejected within the zone 1.2984-1.2948 and instead penetrates below it with a big red candle, wait for a correction and a rejection within the zone before you sell GBP.
Trade recommendation
Wait for a correction to 1.2984-1.2948 to sell 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.
