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Wait for a correction to the zone 1.2635-1.2583

Wait for a correction to the zone 1.2635-1.2583 | 30 October 2023

30 October 2023, GBP/USD

Wait for a correction to the zone 1.2635-1.2583

Technical observation

GBP is trading with an increasing bearish bias between the supportive level 1.1702 and a resistance zone 1.2635-1.2583 and today I expect a possible loss of this upwards movement followed by a surge to the upper side, My advice, remain flat and wait for a correction to the zone I mentioned earlier then sell GBP within it with your take profit at 1.1702 and stop-loss at 1.2842. If there is a decline below the level 1.1702 , I expect the value of GBP to plunge further towards the supportive line 1.0363 or lower, contrary, should the value of this pair rise above the zone 1.2635-1.2583, I expect it to ascend further towards the level 1.3610 or higher.

Trade recommendation

Wait for a correction to the zone 1.2635-1.2583 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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