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Wait for a correction to the zone 1.2190-1.2207 to buy GBP.

Wait for a correction to the zone 1.2190-1.2207 to buy GBP. | 24 Abril 2023

24 Abril 2023, GBP/USD

Technical observation

On the 4 hour chart above, the value of GBP trading with an increasing bullish bias slightly below the resistance level 1.2151 and I expect a loss of this upwards movement followed by a surge to the supportive zone 1.2190-1.2207, I also anticipate a possible bounce within the same zone followed by a momentum to the upper side. My advice, remain flat and wait for a correction to the zone indicated above, then buy a bounce within it with your take profit at 1.2151 and stop-loss at 1.2083. If the price clearly breaks below the zone 1.2190-1.2207, I expect it to plunge towards the supportive levels 1.1797 and 1.1336 or lower.

Trade recommendation

Wait for a correction to the zone 1.2190-1.2207 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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