02 January 2023, GBP/USD
Technical observation
GBP rose to the resistance level 1.2448 but could not break above it, instead it bounced at this level and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 1.1744-1.1714 and I expect a possible rejection of price within it. Right now as it is on the chart above, I recommend that you remain neutral and wait for a pullback to the zone I mentioned earlier then buy a bounce within it with your take profit at 1.2448 and stop-loss at 1.1477. A further surge to the upper side can be expected in case of a clear penetration above the key level 1.2448 with a big green candle.
Trade recommendation
Remain neutral.
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