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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 02 March 2023

02 March 2023, GBP/USD

Technical observation

Just like EUR, GBP is also pulling back to a supportive zone it established at 1.1752-1.1690 and I expect a decline to the same zone followed either a rejection of price within it or a clear break below it with a big red candle. My advice, remain flat and wait for a pullback to the zone indicated above and in case of a rejection of price within it, pick bullish positions within the same zone with your take profit at 1.2650 and stop-loss at 1.1351. On the other hand, in case of a break below the zone 1.1752-1.1690, you can expect the value of GBP to plummet towards the supportive level 1.0363 or even lower after a pullback to the broken zone.

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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