Wait | 23 December 2022

Technical observation

GBP is trading with an increasing bearish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.2650, I expect a continuation of this downwards movement to the zone I have mentioned above followed by a possible rejection within it. My advice, remain flat and wait for a pullback to the zone I have mentioned above then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1155. In case of a clear break above the level 1.2650, I expect the value of this pair to ascend further towards the resistance 1.3610. On the chart above as long as price is sustained above 1.1690-1.1623, I can only recommend short positions.

Trade recommendation

Wait for a correction to the zone 1.1690-1.1623 to buy GBP.