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Wait for a correction to the zone 1.2186-1.2207

Wait for a correction to the zone 1.2186-1.2207 | 06 April 2023

06 April 2023, GBP/USD

Wait for a correction to the zone 1.2186-1.2207

Technical observation

GBP ascended to the level 1.2523 but did not break below it, instead it bounced at it and since then it has been trading with an increasing bearish bias, I expect a continuation of this downwards movement to the supportive zone 1.2186-1.2207 followed by a clear rejection within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.2523 and stop-loss at 1.2086. If price breaks above the level 1.2523, I expect a further momentum to the upper side after a pullback to the broken line; I can only recommend short positions below the zone 1.2186-1.2207.

Trade recommendation

Wait for a correction to the zone 1.2186-1.2207 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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