Wait | 08 December 2022
08 December 2022, GBP/USD
Technical observation
GBP retraced to the supportive zone 1.1690-1.1623 then bounced within it before rising steadily and it is currently trading with an increasing bullish bias slightly below the level 1.2650. I expect price rise to the level 1.2650 then either bounce at it or clearly break above it with a big green candle. My advice, in case of a rejection at 1.2659, wait for a correction to the zone I mentioned earlier then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1161. On the other hand, if there is a clear break above the level 1.2650, wait for a pullback and a bounce at it before you continue long with GBP towards the key level 1.3610.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
