Wait for a correction | 24 January 2020

24 January 2020, GBP/USD

Wait for a correction

Technical observation

Yesterday GBP went down instead of rising and is still showing signs of moving further downwards towards the supportive level 1.2984-1.2948. My expectation is a rejection of this downwards movement within the zone mentioned above for bullish price rally towards 1.3516. Wait for a correction to 1.2984-1.2948 and a rejection within it to buy GBP with your take profit at 1.3516 and stop loss at 1.2821. In case GBP is not rejected within the zone 1.2984-1.2948 and instead penetrates below it with a big red candle, wait for a correction and a rejection within the zone before you sell GBP.

Trade recommendation

Wait for a correction to 1.2984-1.2948 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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