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Wait for a pullback to the zone 1.1744-1.1714

Wait for a pullback to the zone 1.1744-1.1714 | 03 February 2023

03 February 2023, GBP/USD

Wait for a pullback to the zone 1.1744-1.1714

Technical observation

GBP rose to the resistance level 1.2424 but did not break above it, instead it bounced at the same line and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards momentum to the supportive zone 1.1744-1.1714 followed by either a bounce within it or a clear break below it with a big red candle. In case of a bounce within the zone 1.1744-1.1714, pick bullish positions within it with your take profit at 1.2424 and stop-loss at 1.1501, on the other hand, if there is a clear penetration below the zone 1.1744-1.1714, I expect price to plummet towards the supportive level 1.1050.

Trade recommendation

Wait for a correction to the zone 1.1744-1.1714 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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