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Wait for a pullback to the zone 1.1178-1.1232

Wait for a pullback to the zone 1.1178-1.1232 | 03 October 2023

03 October 2023, GBP/USD

Wait for a pullback to the zone 1.1178-1.1232

Technical observation

GBP has been trading with an increasing bearish bias between the supportive level 1.1307 and a resistance zone 1.4137-1.4250 for three consecutive weeks, this is a slight movement to the lower side and I expect a possible loss of this downwards movement followed by a pullback to the zone I have indicated above. My advice; remain neutral and wait for a correction to the resistance zone 1.4137-1.4250 then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.5014. If the price clearly breaks below the level 1.1307, I expect it to plummet further towards 1.0368 after a correction to the broken line.

Trade recommendation

Wait for a pullback to the zone 1.1178-1.1232 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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