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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 | 03 January 2023

03 January 2023, GBP/USD

Wait for a correction to the zone 1.1690-1.1623

Technical observation

GBP rose towards the resistance level 1.2650 but could not reach it, instead it bounced slightly below it and since then it has been trading with an increasing bearish bias. I expect this downwards movement to continue to the supportive zone 1.1690-1.1623 and price could possible bounce within this zone, my advice, remain flat and wait for a correction to the zone I have mentioned above then pick bullish positions within it after a bounce with your take profit at 1.2650 and stop-loss at 1.1157. In case of a clear penetration above the level 1.2650, wait for a correction of price to it before you continue long towards the level 1.3610.

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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