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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 10 October 2023

10 October 2023, GBP/USD

Wait for a correction to sell GBP

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance zone 1.2282-1.2269 and today I expect a further rise to this zone followed by a bounce within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then sell this pair within it with your take profit at 1.1797 and stop-loss at 1.2374. If the price declines below the level 1.1797 wait for a correction to the broken line before you continue short with this pair, however, if there is a clear penetration above the zone 1.2282-1.2269, I expect the value of this pair to ascend further towards the key levels 1.2581 and 1.2992.

Trade recommendation

Wait for a correction to the zone 1.2282-1.2269 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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