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Wait for a correction to the zone 1.2635-1.2589

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
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