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Wait for a correction to 1.2470

Wait for a correction to 1.2470 | 09 May 2023

09 May 2023, GBP/USD

Technical observation

GBP is trading with an increasing bearish momentum slightly below the resistance level 1.2657 and today I expect it to rally further to the lower side, however, I expect a possible loss of this downwards movement at the trend line indicated above to pick bullish positions with my take profit at 1.2657 and stop-loss at 1.2366. In case of a break below level 1.2470 with a big red candle, I recommend that you wait for a second retracement to the broken line confirming a possible surge to the lower side before you sell GBP towards the supportive level 1.2207. Right now, remaining neutral is ideal than picking any positions.

Trade recommendation

Wait for a correction to 1.2470 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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