24 May 2023, GBP/USD
Technical observation
The value of the pair above is trading with an increasing bullish bias between the supportive zone 1.2207-1.2190 and a resistance level 1.2657, this upwards movement is a slight rally to the upper side and I expect a loss of it followed by a surge to the lower side. The anticipate bearish movement is a pullback to the zone I mentioned earlier and price could either break below it with a big red candle or bounce within it, In case of a bounce within this zone, pick bullish positions with your take profit at 1.2657 and stop-loss at 1.2074. If there is break below the zone 1.2207-1.2190, you can expect the value of GBP to descend towards the key level 1.1797.
Trade recommendation
Remain neutral.
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