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Looking to buy within 1.1828-1.1852

Looking to buy within 1.1828-1.1852 | 03 March 2023

03 March 2023, GBP/USD

Technical observation

GBP has been trading with an increasing bearish momentum for several days now and I still expect a continuation of this downwards movement. Today I anticipate a further rally towards the supportive zone 1.1828-1.1852 followed by either a clear break below it with a big red candle or a rejection within the same zone. In case of a rejection within the zone I have mentioned above, pick bullish positions within it towards 1.2424 and should there be a clear break below the same zone, wait for a correction to the just broken zone before you pick short positions towards the supportive levels 1.1050 and 1.0363.

Trade recommendation

Wait for a correction to the zone 1.1828-1.1852 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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