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Wait for a correction to the zone 1.3356-1.3279

Wait for a correction to the zone 1.3356-1.3279 | 11 July 2023

11 July 2023, GBP/USD

Wait for a correction to the zone 1.3356-1.3279

Technical observation

GBP is retracing to the resistance zone it established at 1.3356-1.3279 and I expect either a rejection within this zone or a clear break above it with a big green candle. If there is a bounce within the zone indicated above, Short this pair within it with your take profit at 1.1307 and stop-loss at 1.3833 and in case the price breaks below the level 1.1307, I expect it to descend even further to the level 1.0368, on the other hand should there be a clear penetration above the zone 1.3356-1.3279, I anticipate a possible upwards movement towards the resistance level 1.4749 or even higher to the line 1.6725.

Trade recommendation

Wait for a correction to the zone 1.3356-1.3279 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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