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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 05 October 2022

05 October 2022, GBP/USD

Wait for a correction to sell GBP

Technical observation

GBP has been on a steady downward trend for several weeks however, price bounced at the level 1.0363 and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone price established at 1.1757-1.1683 and I would recommend that you remain neutral temporarily then sell a bounce within it with your take profit at 1.0363 and stop-loss at 1.2097. Should there be a clear break above the zone 1.1757-1.1683 with a big green candle, I expect price to ascend towards the resistance level 1.2675 or even higher to 1.4213 after a pullback to the broken zone.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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