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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 | 27 July 2023

27 July 2023, GBP/USD

Wait for a pullback to the zone 1.2669-1.2609

Technical observation

GBP retraced to the supportive zone 1.2669-1.2609 then bounced within it and since then it has been trading with an increasing bullish bias, as long as the price is contained above the zone I mentioned above, I expect it to ascend further to the resistance level 1.3610. Right now as it is on the chart above, I recommend that you wait for a second correction to the zone 1.2669-1.2609 to buy GBP with your take profit at 1.3610 and stop-loss at 1.2321, if there is a penetration above the level 1.3610, wait for a retracement to the broken line before you continue long with this pair towards the key level 1.4376 or higher.

Trade recommendation

Wait for a pullback to the zone 1.2669-1.2609 to buy GBP with your take profit at 1.3610.

Imelda Maseno
Analyst of «FreshForex» company
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