Wait for a pullback to the zone 1.1744-1.1714 | 25 Enero 2023

25 Enero 2023, GBP/USD

Wait for a pullback to the zone 1.1744-1.1714

Technical observation

On the 4 hour chart above, price rose to the level resistance 1.2393 then bounced at it and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 1.1744-1.1714 where I expect a possible rejection of price followed by a momentum to the upper side. My advice, remain flat and wait for a pullback to the zone I mentioned earlier then buy a bounce within it with your take profit at 1.2393 and stop-loss at 1.1509. If there is a clear break above the level 1.2393, wait for a correction and a rejection of price at it before you continue long with this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.