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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 07 July 2023

07 July 2023, GBP/USD

Technical observation

GBP is retracing to the resistance zone 1.3356-1.3219 and I expect either a rejection within this zone or a clear break above it with a big green candle. My advice, remain flat temporarily and wait for a rise to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.3830. You can also place a pending sell limit order right now within the zone 1.3356-1.3219 with your take profit still at 1.1307. If there is a clear break below the level 1.1307, I expect the value of GBP to plummet towards the key level 1.0368 or lower. I can only recommend bullish positions above the zone 1.3356-1.3219.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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