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Wait for a pullback to re-sell GBP

Wait for a pullback to re-sell GBP | 05 July 2022

05 July 2022, GBP/USD

Wait for a pullback to re-sell GBP

Technical observation

This week GBP opened bullish slightly above the supportive level 1.1657 and I expect a continuation of this upwards movement towards the resistance zone 1.3439-1.3355 followed by a bounce within it to re-sell GBP with my take profit at 1.1657 and stop-loss at 1.3771. Should there be a clear break below the level 1.1657 with a big red candle, wait for a correction to the broken line and a bounce at it before you continue short, on the other hand in case of a clear break above the zone 1.3439-1.3355, I expect the value of the pair above to ascend towards the resistance level 1.4788 or even higher to the level 1.6732.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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