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Wait for a correction to the zone 1.2669-1.2609

Wait for a correction to the zone 1.2669-1.2609 | 05 July 2023

05 July 2023, GBP/USD

Wait for a correction to the zone 1.2669-1.2609

Technical observation

GBP rose above the zone 1.2669-1.2609 then pulled back to and it was sustained above the same zone. Currently the price is trading with an increasing bullish bias and as long as it remains above the zone I have indicated above, I expect it to ascend even further, however, I recommend that you wait for a second correction to the zone 1.2669-1.2609 followed by a rejection within before you pick bullish positions with your take profit at 1.3610 and stop-loss at 1.2319. If there is a clear break above the level 1.3610 with a big green candle, I expect the price to rise further to the resistance level 1.4376 or higher.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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