Remain flat. | 30 January 2023

Technical observation

GBP is trading with an increasing bullish bias slightly below the level it established at 1.2650 and I expect a rise to the same level followed by either a break above it or a rejection of price at it. In case price rises above the level 1.2650 with a big green candle, wait for a pullback to it and a bounce before you continue long towards the resistance level 1.3610, on the other hand, if there is a bounce at the level 1.2650, wait for a pullback to the supportive zone 1.1690-1.1623 to buy GBP with your take profit at 1.2650 and stop-loss at 1.1287.On the chart above, as long as price is sustained above the zone 1.1690-1.1623, I can only recommend bullish positions.

Trade recommendation

Remain flat.