Wait for a pullback to the level 1.2847 | 20 July 2023

20 July 2023, GBP/USD

Wait for a pullback to the level 1.2847

Technical observation

On the 4 hour chart above the price is trading with an increasing bearish bias slightly above the supportive level 1.2847 and I expect a decline to this line followed by either a bounce at it or a clear break below it with a big green candle. If you are neutral with this pair remain flat and wait for a bounce at the level 1.2847 to buy GBP with your take profit at 1.3294 and stop-loss at 1.2747, should there be a rise above the level 1.3294, continue long with this pair after a correction and a bounce at the broken line, but in case of a clear breach below the line 1.2847, short GBP towards the supportive level 1.2319-1.2310.

Trade recommendation

Wait for a pullback to the level 1.2847 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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