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Wait for a correction to the zone 1.1690-1.1623

Wait for a correction to the zone 1.1690-1.1623 | 01 December 2022

01 December 2022, GBP/USD

Technical observation

GBP is trading with an increasing bullish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.2650. My expectation is a loss of this upwards movement followed by a surge to the lower side. The anticipated bearish movement is a pullback to the zone I have mentioned above and I expect a rejection of price within this zone to buy GBP with my take profit at 1.2650 and stop-loss at 1.1352. If there is a clear break above the level 1.2650, wait for a correction and a rejection at it before you continue long towards the higher resistance level 1.3610. I can only recommend short positions below the zone 1.1690-1.1623.

Trade recommendation

Wait for a correction to the zone 1.1690-1.1623 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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