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Wait for a correction to the zone 1.4137-1.4250

Wait for a correction to the zone 1.4137-1.4250 | 08 August 2023

08 August 2023, GBP/USD

Wait for a correction to the zone 1.4137-1.4250

Technical observation

GBP declined to the supportive level 1.1307 then bounced at it and currently it is trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.4137-1.4250 and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.5014, continue short with this pair towards the level 1.0368 in case of a break below 1.1307, contrary, should there be a breach above the zone 1.4137-1.4250, long GBP towards the key levels 1.6725 and 1.9224.

Trade recommendation

Wait for a correction to the zone 1.4137-1.4250 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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