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Wait for a pullback to the zone 1.2669-1.2609

Wait for a pullback to the zone 1.2669-1.2609 | 03 July 2023

03 July 2023, GBP/USD

Technical observation

GBP broke above the resistance zone 1.2669-1.2609 then pulled back and it was sustained above the same zone, currently the price is trading with an increasing bullish bias however, I recommend that you wait for a second correction to the same zone followed by a bounce within it before you pick bullish positions towards the key level 1.3610 with your stop-loss at 1.2319. If the price rises above the level 1.3610 with a big green candle, I expect it to ascend even further towards the resistance line 1.4376 or higher, but in case GBP is not contained above the zone 1.2669-1.2609 and instead breaks below it, I anticipate possible bearish movements towards the level 1.1688.

Trade recommendation

Wait for a pullback to the zone 1.2669-1.2609 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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