24 Agosto 2023, GBP/USD
Technical observation
GBP retraced to a supportive zone 1.2628-1.2603 then bounced within it and currently it is trading with an increasing bullish bias; as long as the price is sustained above the zone I mentioned earlier, I anticipate further upwards movements of price. My advice, if you bought GBP within the zone 1.2628-1.2603, remain bullish with your take profit at 1.3138 and stop-loss at 1.2494, in case the price rises above the level 1.3138 with a big green candle, I expect it to ascend further after a correction to the broken line, on the chart above, I can only recommend short positions below the supportive zone 1.2628-1.2603.
Trade recommendation
Remain long with your take profit at 1.3138.
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