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Expecting a pullback to the zone 1.2073-1.2088

Expecting a pullback to the zone 1.2073-1.2088 | 29 August 2022

29 August 2022, GBP/USD

Expecting a pullback to the zone 1.2073-1.2088

Technical observation

GBP is trading with an increasing bearish bias above the supportive level 1.1717 and my expectation is a loss of this downwards movement followed by a surge to the resistance zone 1.2073-1.2088 and a rejection within the same zone. My advice, remain flat and wait for a pullback to the zone indicated above then pick short positions within it with your take profit at 1.1717 and stop-loss at 1.2176. A further momentum to the lower side can be anticipated in case of a clear breakout below the supportive level 1.1717. I can only recommend bullish positions in case of a clear break above the resistance zone 1.2073-1.2088.

Trade recommendation

Wait for a correction to the zone 1.2073-1.2088 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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