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Wait for a correction to buy GBP.

Wait for a correction to buy GBP. | 02 August 2023

02 August 2023, GBP/USD

Wait for a correction to buy GBP.

Technical observation

On the daily chart above, GBP rose above the zone 1.2669-1.2609 then bounced within it before rising for a while, currently the price is trading with an increasing bearish bias and I expect a continuation of this downwards movement to the zone mentioned above followed by a possible rejection within it. My advice, remain flat and wait for a correction to the zone I mentioned earlier then buy a bounce within it with your take profit at 1.3610 and stop-loss at 1.2299, in case of a penetration above the level 1.3610, I expect the value of GBP to plummet further towards the level 1.4376 or higher.

Technical observation

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

Imelda Maseno
Analyst of «FreshForex» company
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