Looking to buy within 1.1690-1.1623

02 Desember 2022, GBP/USD

Looking to buy within 1.1690-1.1623

Technical observation

GBP is trading with an increasing bullish bias between the supportive zone it established at 1.1690-1.1623 and a resistance level 1.2650 and my expectation is a loss of this upwards movement followed by a correction to the zone indicated above and possible bounce within it. As it is on the chart above, I recommend that you remain neutral and wait for a correction to the zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1154. If there is a clear break above the level 1.265, I expect the value of GBP to rally further upwards towards the key levels 1.3610 and 1.4242.

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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