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Wait for a correction to buy GBP

Wait for a correction to buy GBP | 21 July 2023

21 July 2023, GBP/USD

Wait for a correction to buy GBP

Technical observation

GBP has been trading with an increasing bearish bias with the past five consecutive candles and today I expect the value of this pair to descend further towards the supportive zone 1.2669-1.2609 followed by either a rejection within it or a clear break below it with a big red candle. If the price is rejected within the zone 1.2669-1.2609, buy GBP within this zone with your take profit at 1.3610 and stop-loss at 1.2299. On the other hand, should there be a clear break below the zone I mentioned earlier, short GBP towards the supportive level 1.1688 after a correction and a bounce within the broken zone.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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