We are flat | 02 February 2023

Technical observation

GBP is trading with an increasing bearish bias between the supportive zone 1.2258-1.2263 and a resistance level 1.2432, this downwards movement is a correction to the zone I have mentioned above, and I expect pullback to the same zone followed by a rejection of price within it. My advice, remain flat and wait for a correction to the zone 1.2258-1.2263 then buy a bounce within it with your take profit at 1.2432 and stop-loss at 1.2190. I expect price to rally further upwards should it break above the level 1.2432, on the other hand in case of a break below the zone 1.2258-1.2263, I expect GBP to plummet towards the supportive level 1.2083.

Trade recommendation

Remain flat.