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Wait for a pullback to the zone 1.2100-1.2024

Wait for a pullback to the zone 1.2100-1.2024 | 21 July 2022

21 July 2022, GBP/USD

Wait for a pullback to the zone 1.2100-1.2024

Technical observation

GBP broke below a supportive zone it established at 1.2100-1.2024 and this week it has been trading with an increasing bullish bias below the same zone. This upwards movement is a correction to the zone indicated above and I expect a rise to it followed by a bounce to pick short positions towards the supportive level 1.1419. If there is a clear break below the level 1.1419, I expect the value of GBP to descend further after a correction to the broken line, and should there be a rise above the zone I mentioned earlier, I would recommend that you wait for a correction to the resistance level 1.4236 to re-sell GBP.

Technical observation

Wait for a correction to the zone 1.2100-1.2024 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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