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Wait for a bounce to buy GBP.

Wait for a bounce to buy GBP. | 30 January 2020

30 January 2020, GBP/USD

Wait for a bounce to buy GBP.

Technical observation

GBP has been declining steadily for several days now towards the supportive zone 1.2984-1.2948, I still expect a loss of this downwards momentum within the above-mentioned zone for possible bullish movements towards a resistance line 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. Should there be no rejection of price within the zone 1.2984-1.2948 but a clear breach below it with a big red candle, a possible surge to the lower side can be expected .Right now only bullish price rally can be expected.

Trade recommendation

Wait for rejection within 1.2984-1.2948 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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