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We are expecting a rally towards 1.3610.

We are expecting a rally towards 1.3610. | 18 August 2023

18 August 2023, GBP/USD

Technical observation

GBP pulled back to the supportive zone 1.2669-1.2609 for a second time but did not break below it, instead it bounced within this zone and since then it has been trading with an increasing bullish bias, today I expect a further surge to the upper side and in case you already picked bullish positions within the zone I mentioned earlier, remain long with your take profit at 1.3610 and stop-loss at 1.2321, if there is a clear penetration above the level 1.3610 with a big green candle, I expect the value of this pair to ascend further towards the key level 1.4376 or higher, as long as the value of GBP is sustained above the zone 1.2669-1.2609, I can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 1.3610.

Imelda Maseno
Analyst of «FreshForex» company
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