Remain long | 09 December 2020

09 December 2020, GBP/USD

Remain long

Technical observation

GBP retraced to a supportive zone it had established around 1.3303-1.3292 and it did not break below it, price bounce within this zone and is currently rallying upwards towards the key level 1.3429. I expect this bullish rally to continue to the resistance line 1.3429 followed by a clear breakout above it with a big green candle. My advice, if you bought GBP within the zone 1.3303-1.3292 after a bounce, remain long with your take profit at 1.3429 and stop loss at 1.3222. In case of a break below 1.3429, wait for a retracement to it before you continue long with GBP towards the key line 1.3538.

Trade recommendation

Remain bullish with your take profit at 1.3429.

Imelda Maseno
Analyst of «FreshForex» company
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