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Wait for a pullback to sell GBP

Wait for a pullback to sell GBP | 08 September 2020

08 September 2020, GBP/USD

Wait for a pullback to sell GBP

Technical observation

On the daily chart above price is still rallying with an increasing bearish momentum below a resistance line 1.3336 it recently penetrated. However, I expect a loss of this bearish price movement followed by a correction to the line 1.3336 and a rejection at it to sell GBP. My advice, wait for a pullback to the line 1.3336 and a rejection at it to sell GBP with your take profit at 1.2785 and stop loss at 1.3511. In case of a clear break below the supportive zone indicated at 1.2785-1.2748 with a big red candle, you can anticipate a surge to the lower side towards the key level 1.2205 or even lower to 1.1682.

Trade recommendation

Wait for a correction to 1.3336 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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