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Wait for a pullback to the zone 1.2360-1.2342

Wait for a pullback to the zone 1.2360-1.2342 | 26 June 2023

26 June 2023, GBP/USD

Wait for a pullback to the zone 1.2360-1.2342

Technical observation

GBP rose to the resistance level 1.2847 then bounced at it and it is currently trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 1.2360-1.2342 and I expect a possible rejection within it followed by a rally to the upper side. My advice, remain flat and wait for a retracement to the zone mentioned above then buy a bounce within it with your take profit at 1.2847 and stop-loss at 1.2217. If there is a clear break above the level 1.2847 with a big green candle, I expect the value of this pair to ascend further, on the other hand, I expect possible bearish movements of price in case of a penetration below the zone 1.2360-1.2342.

Trade recommendation

Wait for a pullback to the zone 1.2360-1.2342 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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