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Wait for a correction to the zone 1.3050-1.3054

Wait for a correction to the zone 1.3050-1.3054 | 14 April 2022

14 April 2022, GBP/USD

Technical observation

GBP did not decline as I had anticipated but instead it rose and broke above the resistance zone 1.3050-1.3054 with a big green candle then ascended even further. However, I expect a loss of this upwards movement followed by a correction to the just broken zone to pick long positions with my take profit at 1.3161 and stop loss at 1.3026. I however would advise that you only pick long positions after a second correction to the zone mentioned above just to ensure that the break above the zone is not false. In case of a clear break above the level 1.3161, a further momentum to the upper is expected after a correction to the broken line.

Trade recommendation

Wait for a correction to the zone 1.3050-1.3054 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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