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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 24 February 2023

24 February 2023, GBP/USD

Wait for a correction to buy GBP

Technical observation

GBP is declining towards the supportive zone 1.1774-1.1741 and I expect either a bounce within this zone or a clear penetration below it with a big red candle. My advice, remain neutral and buy a bounce within the zone I have mentioned above with your take profit at 1.2424 and stop-loss at 1.1540. In case of a break below the zone 1.1774-1.1741, I recommend that you remain neutral and wait for a pullback and a rejection within the same zone before you pick short positions towards the supportive levels 1.1050 and 1.0363, as long as price is sustained above the zone indicated above I can only recommend bullish positions

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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