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Wait | 17 April 2023

17 April 2023, GBP/USD

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Technical observation

Since it bounce at the resistance level 1.2551 GBP has been trading with an increasing bearish bias and my expectation is a continuation of this downwards movement to the supportive zone 1.2228-1.2207 followed by either a rejection of price within it or a clear break below it with a big red candle. My advice, remain flat and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 1.2551 and stop-loss at 1.2103, in case of a break below the zone 1.2228-1.2207, wait for a correction to the broken zone and a rejection within it before you pick short positions towards the supportive level 1.1797, or lower to 1.1336.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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