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Buy GBP now within the zone 1.2635-1.2571

Buy GBP now within the zone 1.2635-1.2571 | 04 September 2023

04 September 2023, GBP/USD

Buy GBP now within the zone 1.2635-1.2571

Technical observation

On the daily chart above, GBP is trading with an increasing bearish bias within the supportive zone 1.2635-1.2571 and my expectation is a rejection of this downwards movement within this zone followed by a surge to the upper side. My advice, place a pending buy limit order within the zone I mentioned earlier with your take profit at 1.3610 and stop-loss at 1.2273, in case of a rise above the level continue long with this pair towards the key level 1.4376 or even higher, contrary should the value of this pair penetrate below the zone 1.2635-1.2571, I expect it to descend towards the supportive levels 1.1688 and 1.0363.

Trade recommendation

Buy GBP within the zone 1.2635-1.2571 with your take profit at 1.3610.

Imelda Maseno
Analyst of «FreshForex» company
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