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Wait for a correction to the zone 1.1752-1.1690

Wait for a correction to the zone 1.1752-1.1690 | 28 February 2023

28 February 2023, GBP/USD

Wait for a correction to the zone 1.1752-1.1690

Technical observation

GBP is pulling back to the supportive zone 1.1752-1.1690 and I expect it to bounce within this zone followed by a momentum to the upper side. My advice, remain neutral and wait for a correction to the zone indicated above then pick bullish positions within it with your take profit at 1.2650 and stop-loss at 1.1353. In case of a clear break above the level 1.2650 with a big green candle, wait for a correction to the broken line and a rejection at it before you continue long with this pair towards the key levels 1.3610 or even higher to 1.4376. As it is on the chart above, I can only recommend short positions below the zone 1.1752-1.1690.

Trade recommendation

Wait for a correction to the zone 1.1752-1.1690 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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