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Wait for a correction to the zone 1.2669-1.2609

Wait for a correction to the zone 1.2669-1.2609 | 24 July 2023

24 July 2023, GBP/USD

Wait for a correction to the zone 1.2669-1.2609

Technical observation

GBP has been retracing to the supportive zone 1.2669-1.2609 for a while now and today I expect the price to plummet further to the same zone followed by a possible bounce within it. 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 1.2315, should the price rise above the level 1.3610, continue long with this pair towards the resistance level 1.4376 or even higher. In case the price is not sustained above the zone 1.2669-1.2609 but clearly breaks below it, short GBP towards the supportive level 1.1688 or even lower to 1.0363.

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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