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We're flat

We're flat | 16 December 2020

16 December 2020, GBP/USD

We're flat

Technical observation

GBP rose up to the resistance line 1.3463 but did not break above it, price bounced at it and right now, I expect a retracement to the supportive zone 1.3277-1.3264. My advice, remain flat and wait for a correction to the above-mentioned zone and a bounce within it to buy GBP with your take profit at 1.3463 and stop loss at 1.3180. In case of a clear break above the line 1.3463 with a big green candle, wait for a pullback to it before you buy GBP towards 1.3540. As it is on the 4-hour chart above, you can only anticipate bearish movements of this pair below the supportive zone 1.3277-1.3264.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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