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Wait for a correction

Wait for a correction | 23 March 2020

23 March 2020, GBP/USD

Wait for a correction

Technical observation

Just like EUR, GBP has also been trading with an increasing bearish momentum for the past several weeks. Last week price declined up to a supportive level 1.1416 but did not penetrate below it. This week I expect a correction to the level 1.1958 followed by a rejection at it for further bearish price movements. My advice, wait for a correction to the line 1.1958 followed by a bounce at it to sell this pair towards the line 1.1416, in case there’s no correction to the resistance line 1.1958 but a clear breakout below the level 1.1416, wait for a correction to the just broken line and a rebound at it to sell GBP.

Trade recommendation

Wait for a correction to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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