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Wait for a correction to the zone 1.2635-1.2589

Wait for a correction to the zone 1.2635-1.2589 | 09 October 2023

09 October 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2589

Technical observation

Just like EUR, GBP is trading with an increasing bullish bias between a supportive level 1.1688 and a resistance zone 1.2635-1.2589, today I expect the value of this pair to ascend further to the zone indicated above followed by either a rejection within it or a clear break above it with a big green candle. My advice, remain flat and wait for a pullback to the zone 1.2635-1.2589 then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.2892, if the value of GBP penetrates below the level 1.1688, I expect it to plummet further towards 1.0363, on the other hand, I expect a rise towards the level 1.3610 in case of a clear break above the zone 1.2635-1.2589.

Trade recommendation

Wait for a correction to the zone 1.2635-1.2589 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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