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Wait | 23 June 2023

23 June 2023, GBP/USD

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Technical observation

GBP rose above a zone 1.2669-1.2609 and it is currently trading with an increasing bearish bias above it. This downwards movement is a correction to the just broken zone and i expect a possible rejection within it, however, I recommend that you wait for a second retracement to the zone I have mentioned above before you pick bullish positions with your take profit at 1.3610 and stop-loss at 1.2319. If the price is not sustained above the zone 1.2669-1.2609 but clearly breaks below it with a big red candle, wait for a correction and a bounce within the broken zone before you pick short positions towards the supportive level 1.1688.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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