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Wait for a break

Wait for a break | 17 December 2020

17 December 2020, GBP/USD

Wait for a break

Technical observation

GBP is trading on the resistance zone 1.3461-1.3409 with an increasing bullish bias. I expect a clear penetration above the same zone with a big green candle followed by a pullback to it for a momentum to the upper side. My advice, wait for a clear break above the zone 1.3461-1.3409 and a correction to it to buy GBP with your take profit at 1.4249 and stop loss at 1.3055. In case there is a clear break above the line 1.4249 with a big green candle, this pair could rally further upwards towards the key level 1.5022. As it is on the chart above, you can only anticipate bullish movement of price.

Trade recommendation

Wait for a clear break above 1.3461-1.3409 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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