18 May 2023, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias between the supportive zone 1.2207-1.2190 and a resistance level 1.2657. Today I expect a continuation of this downwards movement to the zone i have mentioned above followed by a rejection of price within it. My advice, remain neutral and wait for a pullback to the zone indicated above hen buy a bounce within it with your take profit at 1.2657 and stop-loss at 1.2048. In case of a clear break above the level 1.2657 you can expect the value of GBP to ascend further after a correction to the broken line. On the chart above, I can only recommend short positions below the zone 1.2207-1.2190.
Trade recommendation
Remain flat.
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