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Wait | 04 July 2023

04 July 2023, GBP/USD

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Technical observation

On the weekly chart above the price is trading with an increasing bearish bias slightly below the resistance 1.3356-1.3279, this downwards movement is a slight rally to the lower side and I expect a loss of it followed by rise to the zone 1.3356-1.3279. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.3771. You can continue short with this pair in case of a clear break below the level 1.1307, on the other hand, pick bullish positions towards the key level 1.4749 in case of a clear break above the zone 1.3356-1.3279.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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