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Wait for a correction to the zone 1.2190-1.2177

Wait for a correction to the zone 1.2190-1.2177 | 11 Julio 2022

11 Julio 2022, GBP/USD

Wait for a correction to the zone 1.2190-1.2177

Technical observation

GBP is trading with an increasing bullish bias between the supportive level 1.1895 and the resistance zone 1.2190-1.2177. I anticipate a continuation of this upwards movement to the zone I have indicated above followed by a bounce within it to pick short positions with my take profit at 1.1895 and stop-loss at 1.2284. On the 4 hour chart above as long as price is sustained below the zone 1.2190-1.2177, I can only recommend picking short positions, however, should there be a clear breach above the same zone with a big green candle, I expect the value of GBP to ascend towards the resistance level 1.2654 or even higher to 1.3192.

Trade recommendation

Wait for a correction to the zone 1.2190-1.2177 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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