50.0% Correction Zone at GBP/USD

50.0% Correction Zone at GBP/USD

Last week there was a correction of the GBP/USD currency pair after a prolonged decline. The trading instrument has updated local extremes. At the moment, the quotes are consolidating near 50.0% correction zone. The local resistance is the mark of 1.28700. The GBP/USD currency pair is tending to recover. We recommend you to pay attention to this situation.

If the price fixes above the resistance level of 1.28700, it is necessary to consider buying GBP/USD. The closest target for fixing profits is the mark of 1.29400-1.29750. The target level of movement is 1.30000-1.30500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.08.27

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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