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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 03 June 2021

03 June 2021, GBP/USD

Technical observation

GBP is trading with an increasing bearish bias below a resistance level 1.4247, this bearish movements is a retracement to the supportive zone it established at 1.4012-1.4003. I expect a momentum to the lower side followed by a rejection within the zone I have mentioned above for possible upwards movements of price. My advice, wait for a correction to the zone 1.4012-1.4003 and a rejection within it to buy GBP with your take profit at 1.4247 and stop loss at 1.3951. Should there be a clear breakout above the level 1.4247 with a big green candle, wait for a correction to it and a bounce before you continue long with this pair.

Trade recommendation

Wait for a correction to 1.4012-1.4003 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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