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Wait for a correction to the zone 1.2321-1.2113 to buy GBP

Wait for a correction to the zone 1.2321-1.2113 to buy GBP | 09 December 2022

09 December 2022, GBP/USD

Wait for a correction to the zone 1.2321-1.2113 to buy GBP

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance level 1.2340 and I expect a continuation of this upwards movement to the same line followed by a possible rejection of price at it. My advice, remain neutral and wait for a rejection of price at 1.2340 followed by a correction to the supportive zone 1.2321-1.2113 to pick bullish positions with your take profit at 1.2340 and stop-loss at 1.2050. If price clearly penetrates above the level 1.2340, continue long after a correction to the broken line. On the hourly chart above, as long as GBP is contained above the zone 1.2321-1.2113, I can only recommend bullish positions.

Trade recommendation

Wait for a correction to the zone 1.2321-1.2113 to pick bullish positions with your take profit at 1.2340 and stop-loss at 1.2050.

Imelda Maseno
Analyst of «FreshForex» company
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