Wait for a correction to the zone 1.1690-1.1623 | 09 January 2023

Technical observation

GBP is trading with an increasing bearish bias above the zone 1.1690-1.1623, this downwards movement is a correction to zone I have indicated above and I expect a rejection within it followed by a surge to the upper side. My advice, remain flat temporarily 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 1.1278 . If there is a clear break above the level 1.2650, I expect the value of this pair to rally further upwards towards the resistance level 1.3610, on the other hand, in case of a break below the zone 1.1690-1.1623, I expect bearish movements towards 1.0363.

Trade recommendation

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