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Wait for a pullback to the zone 1.2190-1.2207

Wait for a pullback to the zone 1.2190-1.2207 | 27 April 2023

27 April 2023, GBP/USD

Wait for a pullback to the zone 1.2190-1.2207

Technical observation

GBP is trading slightly below the resistance level 1.2539 with an increasing bullish bias and I expect a rise to the same level followed by a possible bounce at it, I also anticipate a correction to the supportive zone this pair established at 1.2190-1.2207 and my advice is, remain neutral and wait for a retracement to the zone indicated above then buy GBP within it with your take profit at 1.2539 and stop-loss at 1.2085. If there is a clear break above the level 1.2539 wait for a pullback to it before you continue long. On the chart above, I can only recommend short positions in case of a clear break below the zone 1.2190-1.2207.

Trade recommendation

Wait for a pullback to the zone 1.2190-1.2207 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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