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Wait | 06 July 2023

06 July 2023, GBP/USD

Technical observation

GBP rose to the resistance level 1.2847 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a pullback to the supportive zone 1.2393-1.2366 and I expect a possible bounce within it or a clear break below it with a big red candle. My advice, remain neutral and wait for a correction to the zone I have indicated above then buy a bounce within it with your take profit at 1.2847 and stop-loss at 1.2242. If the price breaks below the zone 1.2393-1.2366, wait for a correction to the broken zone before you short GBP towards the supportive level 1.1797 or lower.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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