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Wait for a pullback

Wait for a pullback | 20 March 2020

20 March 2020, GBP/USD

Wait for a pullback

Technical observation

GBP has been declining from last week penetrating below a supportive zone 1.2029-1.1955 with a big red candle. This week’s candle has declined and even broke below the lowest level 1.1516. My expectation is a correction to the just broken line followed by a bounce within it for further bearish price movements. My advice, wait for a correction to the zone 1.2029-1.1955 and a rejection within it to sell GBP. However, in case there is no rejection within the zone but a clear breakout above it with a big green candle, possible bullish price rally can be expected after a correction and a rejection indicating a possible upwards momentum.

Trade recommendation

Wait for a pullback to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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