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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 | 05 September 2023

05 September 2023, GBP/USD

Wait for a correction to the zone 1.4137-1.4250

Technical observation

On the weekly chart above, GBP is retracing to a resistance zone it established at 1.4137-1.4250 and I expect a bounce within this zone followed by a momentum to the lower side. My advice, remain neutral and wait for a retracement to the zone indicated above then short GBP within it with your take profit at 1.1307 and stop-loss at 1.5005. If there is a break below the level 1.1307, I expect the price to plunge towards level 1.0368, on the other hand, should there be a clear breach above the zone 1.4137-1.4250, I anticipate possible bullish movements 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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