Wait for a correction to the zone 1.1744-1.1714

30 November 2022, GBP/USD

Wait for a correction to the zone 1.1744-1.1714

Technical observation

GBP has been trading with an increasing bearish momentum with the past four consecutive candles and today I expect a continuation of this downwards movement towards the supportive zone 1.1744-1.1714 followed by either a rejection within it or a clear break below it. In case of a bounce within this zone, pick bullish positions with your take profit at 1.2292 and stop-loss at 1.1576, on the other hand should there be a clear break below the same zone, you can expect the value of GBP to plummet towards the supportive level 1.0926, however, I recommend that you you wait for a correction to the broken zone before you pick short positions.

Trade recommendation

Wait for a correction to the zone 1.1744-1.1714 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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