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Wait for a correction to sell

Wait for a correction to sell | 17 March 2020

17 March 2020, GBP/USD

Wait for a correction to sell

Technical observation

GBP has been rallying significantly to the lower side. Yesterday, price went below a supportive level marked around 1.2357 with a big red candle and is still showing signs of bearish movements, however, a correction to it can be expected. In case of a retracement to the just broken line, wait for a clear bounce at it to sell GBP with your take profit at 1.1955 and stop loss at 1.2489. Should there be no correction to the level 1.2357 but a decline to 1.1955 followed by a penetration below it, wait for pullback to it and a clear bounce before you pick short positions towards the supportive level 1.1528.

Trade recommendation

Wait for a correction to 1.2357 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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