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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 | 01 November 2023

01 November 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2589

Technical observation

The value of GBP is rallying between the supportive level 1.1702 and a resistance zone 1.2635-1.2589, today I expect a further surge to the zone I have indicated above followed by either a bounce within it or a clear break above it with a big green candle. In case of a rejection within the zone 1.2635-1.2589, sell this pair within it with your take profit at 1.1702 and stop-loss at 1.2819, contrary, if there is a clear penetration above this zone with a big green candle; pick bullish positions within the same zone with your first take profit at 1.3610 and the next at 1.4376.

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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