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sell within 1.3036-1.1.3032

sell within 1.3036-1.1.3032 | 29 January 2020

29 January 2020, GBP/USD

sell within 1.3036-1.1.3032

Technical observation

On the hourly chart above, price has been correcting itself towards a resistance zone it established around 1.3036-1.1.3032. I expect a loss of this upward momentum within the zone mentioned above for possible bearish movements towards the supportive level 1.2972. My advice, wait for a correction to 1.3036-1.1.3032 and a bounce within it to sell GBP with your take profit at 1.2972 and stop loss at 1.3054. Should there be a clear breach below the line 1.2972, wait for a retracement to it to confirm further bearish price rally before you continue short with GBP. On the chart above only short positions can be advisable.

Trade recommendation

Sell GBP within 1.3036-1.1.3032 with your take profit at 1.2977.

Imelda Maseno
Analyst of «FreshForex» company
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