Wait for a breakout | 26 November 2020
26 November 2020, GBP/USD
Technical observation
On the weekly chart above, price is trading with an increasing bullish momentum within a resistance zone 1.3402-1.3305; my expectation is a clear breakout above the zone with a big green candle followed by a correction to it for a further rise in price. My advice, remain flat and wait for a break above the zone 1.3402-1.3305 and a correction to it to buy GBP with your take profit at 1.4244 and stop loss at 1.2910. If there is a clear penetration above the line 1.4244 with a big green candle, wait for a correction to it before you continue bullish with this pair towards the higher resistance level at 1.5018.
Trade recommendation
Wait for a breakout above 1.3402-1.3305 to buy GBP.
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.
