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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 26 January 2023

26 January 2023, GBP/USD

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance level 1.2650, I expect a continuation of this upwards movement to the level I have mentioned above followed by a clear penetration above it or a rejection of price at it. In case of a break above the level 1.2650, you can expect the value of this pair to ascend further towards the resistance levels 1.3610 or even higher to the level 1.4376, on the other hand, should there be a bounce at the level 1.2650, wait for a retracement to the supportive zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1293.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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