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Expecting a correction to the zone to buy GBP

Expecting a correction to the zone to buy GBP | 05 January 2023

05 January 2023, GBP/USD

Expecting a correction to the zone to buy GBP

Technical observation

Just like EUR, GBP is also trading with an increasing bullish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.265 and i expect a loss of this upwards movement followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a pullback to the zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1163. If there is a clear break above the level 1.2650 with a big green candle, wait for a correction to the broken line before you continue long with this pair towards the upper resistance levels 1.3610 and 1.4256.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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