Wait for a correction to buy GBP | 19 July 2023

Technical observation

GBP is retracing to the supportive zone it established at 1.2669-1.2609 for a second time and I anticipate a rejection within this zone followed by a rally to the upper side. My advice, remain flat and wait for a correction to the zone 1.2669-1.2609 then buy GBP within it with your take profit at 1.3610 and stop-loss at 1.2305. If there is a rise above the level 1.3610, I expect the value of this pair to ascend further towards the key level 1.4376 or even higher, on the other hand, should there be a penetration below the zone I have indicated above, I anticipate a plunge towards the key levels 1.1688 and 1.0363.

Trade recommendation

Wait for a correction to the zone 1.2669-1.2609 to buy GBP.