Wait for a correction to the zone 1.2635-1.2583 | 30 October 2023

30 October 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2583

Technical observation

GBP is trading with an increasing bearish bias between the supportive level 1.1702 and a resistance zone 1.2635-1.2583 and today I expect a possible loss of this upwards movement followed by a surge to the upper side, My advice, remain flat and wait for a correction to the zone I mentioned earlier then sell GBP within it with your take profit at 1.1702 and stop-loss at 1.2842. If there is a decline below the level 1.1702 , I expect the value of GBP to plunge further towards the supportive line 1.0363 or lower, contrary, should the value of this pair rise above the zone 1.2635-1.2583, I expect it to ascend further towards the level 1.3610 or higher.

Trade recommendation

Wait for a correction to the zone 1.2635-1.2583 to sell GBP.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
Imelda Maseno
Analyst of «FreshForex» company
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