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Wait for a pullback to the zone 1.2119-1.2102 to buy GBP.

Wait for a pullback to the zone 1.2119-1.2102 to buy GBP. | 31 January 2023

31 January 2023, GBP/USD

Wait for a pullback to the zone 1.2119-1.2102 to buy GBP.

Technical observation

GBP is trading with an increasing bearish bias below the resistance level it established at 1.2425 and today I expect a continuation of this downwards movement towards the zone 1.2119-1.2102 followed by a possible rejection of price within it. My advice remain flat and wait for a correction to the zone indicated above then pick bullish positions within it after a bounce with your take profit at 1.2425 and stop-loss at 1.216. In case of a clear break above the level 1.2016, I expect the value of GBP to ascend further after a pullback and a bounce at the broken line. On the chart above, I can only recommend short positions below the zone 1.2119-1.2102.

Trade recommendation

Wait for a pullback to the zone 1.2119-1.2102 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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