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Wait for a correction to the level 1.2721

Wait for a correction to the level 1.2721 | 02 May 2022

02 May 2022, GBP/USD

Wait for a correction to the level 1.2721

Technical observation

Just like EUR, GBP also pulled up on Friday and it is still showing signs of a further rally to the upper side. The anticipated bullish movement is a correction to the resistance level price established at 1.2721 and I expect a rejection of price at it to pick short positions with my take profit at 1.2099 and stop-loss at 1.2912. Should price break below the level 1.2099, I expect it to plummet further towards the lower supportive level marked at 1.1436. On the other hand in case of a clear breakout above the resistance level 1.2721, I expect a surge to the upper side to the zone 1.3185-1.3208, or even higher to the level 1.3609.

Trade recommendation

Wait for a correction to the level 1.2721 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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