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Wait for a retracement to the zone 1.2185-1.2062

Wait for a retracement to the zone 1.2185-1.2062 | 27 October 2022

27 October 2022, GBP/USD

Wait for a retracement to the zone 1.2185-1.2062

Technical observation

GBP has been trading with an increasing bullish bias for the past two consecutive weeks and this week I expect a continuation of this upwards movement, the anticipated momentum to the upper side is a correction to the resistance zone 1.2185-1.2062 and I expect price to either bounce within it or clearly break above it with a big green candle. If there is a rejection within the zone indicated above, pick short positions within it with your take profit at 1.0368 and stop-loss at 1.2663, and should there be a clear break above the same zone, you can expect the value of GBP to ascend towards the resistance level 1.4236.

Trade recommendation

Wait for a correction to the zone 1.2185-1.2062 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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