02 February 2023, GBP/USD
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.
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