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Wait for a correction to the zone 1.2094-1.2084

Wait for a correction to the zone 1.2094-1.2084 | 15 Febrero 2023

15 Febrero 2023, GBP/USD

Wait for a correction to the zone 1.2094-1.2084

Technical observation

GBP rose above the zone 1.2094-1.2084 then rose to the level 1.2258 but did not break above it, instead it bounced at the same level and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the zone I have mentioned above and I expect a rejection within it followed by a possible rejection within it. My advice is, remain flat and wait for a correction to the zone 1.2094-1.2084 then buy a bounce within it with your take profit at 1.2258 and stop-loss at 1.2020. I expect the value of GBP ascend further towards 1.2433 in case there is a clear break above the level 1.2258.

Trade recommendation

Wait for a correction to the zone 1.2094-1.2084 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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