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Wait for a pullback to the level 1.2209

Wait for a pullback to the level 1.2209 | 29 September 2023

29 September 2023, GBP/USD

Wait for a pullback to the level 1.2209

Technical observation

On the chart above the price is trading with an increasing bullish bias slightly below the resistance level 1.2209, this upwards movement is a pullback to the level I have mentioned above and I anticipate a possible bounce at it. My advice; place a pending sell limit order at the level 1.2209 with your take profit at 1.1797 and stop-loss at 1.2308, if there is a rejection below the line 1.1797 with a big red candle, I expect the price to plunge further after a retracement to the broken line, but should the price ascend and penetrate above the zone 1.2581-1.2559, I anticipate the value of this pair to surge towards the level 1.2992.

Trade recommendation

Wait for a pullback to the level 1.2209 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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