Wait for a retracement | 11 November 2020

Technical observation

GBP rose up to the resistance line 1.3280 as I had anticipated but it did not penetrate above it. Price bounced at the line and is currently trading with an increasing bearish momentum. This bearish movement is a correction to the supportive zone 1.2874-1.2830 and i expect a loss of it within the zone to rebuy GBP. My advice, wait for a correction to 1.2874-1.2830 and a bounce within it to buy GBP with your take profit at 1.3280 and stop loss at 1.2676. In case of a clear break below the same zone, you can anticipate bearish movements of this pair after a pullback to the just broken zone and a rejection within it.

Trade recommendation

Wait for a correction to the zone 1.2874-1.2830 to buy GBP.