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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 25 March 2022

25 March 2022, GBP/USD

Wait for a correction to buy GBP

Technical observation

On the chart above price did not decline as I had expected, however, it rose and broke above a zone 1.3166-1.3183 with a big green candle then later pulled back to the broken zone but it was contained above the same zone. As long as GBP is sustained above the zone mentioned above I expect bullish movements of price towards the resistance level 1.3609, however, I would advise that you wait for a second retracement to the zone 1.3166-1.3183 and a bounce within it before you pick long positions with your take profit at 1.3609 and stop-loss at 1.2999. Right now I would recommend that you remain neutral with the pair above.

Trade recommendation

Wait for a second correction to the zone 1.3166-1.3183 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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