Remain long, or wait for a correction to pick a buy towards 1.3525. | 16 December 2019

16 December 2019, GBP/USD

Remain long, or wait for a correction to pick a buy towards 1.3525.

Technical Observation

GBPUSD established a hourly resistance around 1.3525 and is not showing any signs of breaking above this level any time soon. Instead, we're expecting a possible 50.0% fib retracement to pick a low risk buy order. As it is now, the price has only moved up to 38.2% fib level. And could not close low. If you took a buy based on this bounce, you can hold onto this position expecting price to continue even higher towards 1.3525. But, the correct place to pick a buy from is if the price can move downwards towards 50.0% fib level.

Trade Recommendations:

Remain long, or wait for a correction to pick a buy towards 1.3525.

Imelda Maseno
Analyst of «FreshForex» company
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