We're flat | 18 November 2020

Technical observation

On the weekly chart above, price is rising steadily towards a resistance line 1.3305. My expectation is a clear penetration above the line with a big green candle for a momentum to the upper side; however, you can still expect a bounce at the same line followed by a correction to the zone 1.2634-1.2571 and a rejection within it. In case of a break above the line 1.3305, wait for a correction to it and a bounce confirming bullish movement of price before you buy GBP with your take profit at 1.4244, and in case of a correction to the zone 1.2634-1.2571, buy GBP within it after a bounce. Right now, remain flat.

Trade recommendation

Remain flat.