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Wait for a pullback to sell GBP

Wait for a pullback to sell GBP | 15 June 2022

15 June 2022, GBP/USD

Wait for a pullback to sell GBP

Technical observation

GBP declined below a level 1.2180 then rallied further to the supportive level 1.1929, right now price is trading above the same support line with an increasing bullish bias and I expect a continuation of this upwards movement to the level 1.2180 followed by a rejection at it to pick short positions with my take profit at 1.1929 and stop-loss at 1.2325. If price hits level 1.1929 and clearly breaks below it with a big red candle, wait for a correction to the broken line before you continue short with the pair above. As it is on the chart above, as long price is sustained below the level 1.2180 I can only recommend bearish positions.

Trade recommendation

Wait for a correction to the level 1.2180 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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