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Wait for a correction

Wait for a correction | 12 May 2020

12 May 2020, GBP/USD

Wait for a correction

Technical observation

Yesterday I predicted a possible rise of the pair on the hourly chart above towards the resistance line 1.2521, however, this pair penetrated below the supportive zone 1.2400-1.2393 with a big red candle then rallied downwards. As it is on the chart above, I expect a correction to the just broken zone and a bounce at it to sell GBP with my take profit at 1.2265 and stop loss at 1.2431. Should there be a clear penetration below the line 1.2265 with a big red candle, we can anticipate further bearish movements of this pair. You can only anticipate bullish movements of this pair above the zone 1.2400-1.2393.

Trade recommendation

Wait for a correction to 1.2400-1.2393 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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