61.8% Correction Zone on GBP/USD

61.8% Correction Zone on GBP/USD

At the beginning of this month, aggressive purchases of GBP/USD were observed. The trading instrument has formed new local highs. Today, the GBP/USD quotes are testing a 61.8% correction zone. The pound is tending to recover. Local resistance is 1.29250. We recommend paying attention to this situation.

If the price fixes above 1.29250, it is necessary to consider purchases of GBP/USD. The immediate goal for profit taking is a round level of 1.30000. In the medium term, the GBP/USD quotes may reach 1.30500-1.31000. Confirmations and entry points to the market should be searched on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2018.11.13

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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