Remain flat. | 08 September 2022

Technical observation

GBP is trading above the supportive level 1.1405 with an increasing bullish bias and as long as it does not break below this level, I expect further upwards momentum towards the resistance zone 1.1756-1.1739. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1405 and stop-loss at 1.1854. If price rises above zone 1.1756-1.1739, I expect it ascend towards the resistance level 1.2317 after a correction to the broken zone, on the other hand if there is a clear break below the level 1.1405, I expect this pair to plummet to the lower side.

Trade recommendation

Remain neutral.