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Wait for a correction to the zone 1.4149-1.4241

Wait for a correction to the zone 1.4149-1.4241 | 04 August 2023

04 August 2023, GBP/USD

Wait for a correction to the zone 1.4149-1.4241

Technical observation

GBP has been trading with an increasing bearish bias for a while now, this downwards movement is a slight surge to the lower side and I expect a loss of it followed by a pulled back to the resistance zone it established at 1.4149-1.4241. My advice, remain flat and wait for a correction to the zone I mentioned above then sell a bounce within it with your take profit at 1.1646 and stop-loss at 1.4778. If there is a breach below the level 1.1646, continue short with this pair towards the supportive level 1.0363 or lower, however, if there is a break above the zone 1.4149-1.4241, I expect the price to ascend towards the levelm1.6725.

Trade recommendation

Wait for a correction to the zone 1.4149-1.4241 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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