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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 16 June 2022

16 June 2022, GBP/USD

Technical observation

On the chart above price declined to the supportive level 1.1989 but could not break below it, instead, it bounced above the same level and yesterday the value of the pair above rose with a big green candle. This upwards movement is a correction to the resistance zone 1.2635-1.2591 and I expect a rally to the zone followed by a rejection within it to re-sell GBP with my take profit at 1.1989 and stop-loss at 1.2832. Should there be a clear breach below the level 1.2989, I expect price to plummet further to the lower supportive level 1.1436, on the other hand, in case of a break above the zone I have indicated above, I expect a possible rally to the level 1.3201.

Trade recommendation

Wait for a correction to the zone 1.0595-1.0583 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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