We are flat | 19 January 2023
19 January 2023, GBP/USD
Technical observation
GBP has been trading with an increasing bullish bias below the resistance level 1.2650 for a while now and today I expect a continuation of this upwards movement to the same level followed by either a rejection of price at it or a clear break above it with a big green candle. If price breaches the level 1.2650, wait for a correction and a rejection at it before you continue long with this pair, on the other hand, should there be a bounce at the same level, wait for a pullback to the supportive zone 1.1690-1.1623 then re-buy GBP within it with your take profit at 1.2650 and stop-loss at 1.1153. I can only recommend short positions below the zone 1.1690-1.1623.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
