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Wait | 16 December 2022

16 December 2022, GBP/USD

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Technical observation

GBP rose to a resistance level 1.2444 but could not break above it, instead it bounced at the same line and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 1.1968-1.1941 and I expect a possible rejection of price within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at the level1.2444 and stop-loss at 1.1763. In case of a clear break above 1.2444 with a big green candle, I expect the value of this pair to ascend further after a correction and a rejection at it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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