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Wait for a correction to the zone 1.2635-1.2571

Wait for a correction to the zone 1.2635-1.2571 | 25 September 2023

25 September 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2571

Technical observation

GBP broke below the zone it established at 1.2635-1.2571 then pulled back to it and since then it has been trading with an increasing bearish bias, however, I recommend that you wait for a second correction to the zone I have mentioned above to sell GBP with your take profit at 1.1688 and stop-loss at 1.2816. If the price declines below the level 1.1688, I expect the value of GBP to plummet further towards the supportive level 1.0363 or lower, on the other hand if the price rises above the zone 1.2635-1.2571, I anticipate possible upwards movements towards the resistance levels 1.3610 and 1.4376 or higher.

Trade recommendation

Wait for a correction to the zone 1.2635-1.2571 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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