Wait for a correction to the zone 1.2635-1.2589 | 12 October 2023

12 October 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2589

Technical observation

The pair on the daily chart above opened bullish today and I expect a continuation of this upwards movement towards the resistance zone 1.2635-1.2589 followed by either a rejection of price within it or a clear break above it with a big green candle. If the price bounces within the zone I have mentioned above, pick short positions within it with your take profit at 1.1688 and stop-loss at 1.2888, on the other hand should there be a clear breach above the zone 1.2635-1.2589 with a big green candle, wait for a correction to this zone before you long GBP towards the level 1.3610 or higher; a further surge to the lower side can be expected below the level 1.1688.

Trade recommendation

Wait for a correction to the zone 1.2635-1.2589 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus