Wait | 10 February 2023

Technical observation

GBP is pulling back to the supportive zone 1.1690-1.1623 and I expect either rejection of price within this zone or a clear break below it with a big red candle. My advice, remain neutral and wait for pullback to the zone indicated above then buy GBP within it with your take profit at 1.2650 and stop-loss at 1.1255. In case of a break above the level 1.2650, wait for a correction and a bounce at it before you continue long towards the key levels 1.3610 and 1.4376, on the other hand, should there be a clear break below the zone 1.1690-1.1623, you can expect the price to descend towards the supportive level 1.0363 or lower.

Trade recommendation

Remain flat.