Wait for a pullback to buy GB | 11 January 2023
11 January 2023, GBP/USD
Technical observation
GBP pulled back to the supportive zone 1.1690-1.1623 but could not reach it, instead it bounced slightly above the same zone and since then it has been trading with an increasing bullish bias, however, my expectation is a loss of this upwards movement followed by a correction to the zone I have mentioned above and I recommended that you remain flat temporarily then wait for a correction to the zone indicated above and buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1252. If there is a clear break above the level 1.2650, I anticipate further bullish movements of price towards the upper key levels 1.3610 and 1.4376.
Trade recommendation
Wait for a correction to the zone 1.1690-1.1623 to buy GBP.
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.
