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Wait for a pullback to the level 1.2001

Wait for a pullback to the level 1.2001 | 19 Agosto 2022

19 Agosto 2022, GBP/USD

Wait for a pullback to the level 1.2001

Technical observation

GBP broke below the supportive level 1.2001 with a big red candle then rallied further downwards for a while, currently it is trading with an increasing bullish bias and I expect a continuation of this upwards movement towards the just broken line. The expected bullish movement of price is a correction to the line 1.2001 and I expect a rejection of price at it to sell GBP with my take profit at 1.1876 and stop-loss at 1.2049. In case of a clear breakout below the level 1.1876, I expect the value of GBP to plummet further towards the supportive level 1.1759. I can only recommend long positions above the level 1.2001.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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