Wait for a correction | 21 October 2020
21 October 2020, GBP/USD
Technical observation
On the chart above, price broke above a resistance zone 1.2956-1.2952 and I still trading with an incr4easing bullish momentum. However, I expect a correction to the just broken zone followed by a rejection within it to buy GBP towards the key level 1.3007. Should price break above the zone 1.3013-1.3007 with a big green candle, you can anticipate a further rise towards the level 1.3068 after a correction to the just broken zone followed by a clear bounce within it. Right now as it is on the chart above, wait for a correction to the zone 1.2956-1.2952 and a rejection within it to buy GBP.
Trade recommendation
Wait for a correction to 1.2956-1.2952 to buy GBP with your take profit at 1.3007.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
