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Wait for a pullback to the zone 1.2318-1.2295

Wait for a pullback to the zone 1.2318-1.2295 | 23 August 2022

23 August 2022, GBP/USD

Wait for a pullback to the zone 1.2318-1.2295

Technical observation

GBP declined to the supportive level 1.1739 as I had predicted and currently it is trading slightly above it with an increasing bearish bias. My expectation is a decline to the level mentioned above followed by a rejection at it and a pullback to the resistance zone 1.2318-1.2295. If you are currently holding short positions with the pair above, you can pick your profits now at the level 1.1739, however, if you are neutral with GBP, remain flat and wait for a correction to the zone mentioned above then sell a bounce within it with your take profit still at 1.1739 and stop-loss at 1.2426. I expect a further surge to the lower side in case of a break below the level 1.1739.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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