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Wait for a correction to the zone 1.4343-1.4196

Wait for a correction to the zone 1.4343-1.4196 | 18 October 2023

18 October 2023, GBP/USD

Technical observation

GBP is trading with an increasing bullish bias around level 1.2172 and this week I expect the price to ascend even further towards the resistance zone 1.4343-1.4196, my advice, remain flat and wait for pullback to the zone indicated above then sell a bounce within it with your take profit at 1.0877 and stop-loss at 1.5025. If the price declines below the level 1.0877 with a big red candle, I expect the value of this pair to plunge further to the lower side, on the other hand, should the price rise above the zone 1.4343-1.4196, wait for a correction to this broken zone before you pick bullish positions towards the level 1.7195.

Trade recommendation

Wait for a correction to the zone 1.4343-1.4196 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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