Looking to buy within 1.1828-1.1852 | 03 March 2023
03 March 2023, GBP/USD
Technical observation
GBP has been trading with an increasing bearish momentum for several days now and I still expect a continuation of this downwards movement. Today I anticipate a further rally towards the supportive zone 1.1828-1.1852 followed by either a clear break below it with a big red candle or a rejection within the same zone. In case of a rejection within the zone I have mentioned above, pick bullish positions within it towards 1.2424 and should there be a clear break below the same zone, wait for a correction to the just broken zone before you pick short positions towards the supportive levels 1.1050 and 1.0363.
Trade recommendation
Wait for a correction to the zone 1.1828-1.1852 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.
