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Expecting a pullback to the zone 1.1690-1.1623

Expecting a pullback to the zone 1.1690-1.1623 | 13 January 2023

13 January 2023, GBP/USD

Expecting a pullback to the zone 1.1690-1.1623

Technical observation

GBP trading with an increasing bullish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.2650, my expectation is a loss of this upwards movement followed by a correction to the zone indicated above. Right now as it is on the chart above, I recommend that you remain neutral and wait for a correction to the zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1161, In case of a clear break above the level 1.2650, wait for a pullback and a bounce at it before you continue long with this pair towards the upper resistance level 1.3610 or even higher to the level 1.4376.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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