Wait for a correction to sell GBP | 01 September 2023

Technical observation

GBP has been rising steadily for several weeks now and this week it continues to ascend even further. My expectation is a rise to the zone 1.4137-1.4250 followed by a bounce within it to re-sell this pair with my take profit at 1.1307 and stop-loss at 1.5025. If there is a penetration above the zone i have mentioned above with a big green candle, wait for a pullback and a rejection within this zone before you long GBP towards the resistance levels 1.6725 and 1.9224; on the other hand, should there be a clear breach below the level 1.1307, continue short with this pair towards level 1.0368 after a retracement to the broken line.

Trade recommendation

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