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Wait for a correction to the 1.2436-1.2415

Wait for a correction to the 1.2436-1.2415 | 15 November 2023

15 November 2023, GBP/USD

Wait for a correction to the 1.2436-1.2415Wait for a correction to the 1.2436-1.2415

Technical observation

The value of the pair above rose above the zone 1.2436-1.2415 and it is still trading with an increasing bearish bias, today I expect a possible loss of this upwards movement followed by a retracement to the zone I mentioned earlier and a bounce within it. My advice, remain neutral and wait for a correction to the zone 1.2436-1.2415 then buy a rejection within it with your take profit at 1.2817 and stop-loss at 1.2330. Should there be a clear penetration above the level 1.2817 with a big green candle, I expect the price to ascend towards the key level 1.3138. I can only recommend short positions below the zone 1.2436-1.2415.

Trade recommendation

Wait for a correction to the 1.2436-1.2415 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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