We are neutral | 14 February 2023

Technical observation

GBP is trading with an increasing bullish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.2650, my expectation is either a loss of this upward movement followed by a correction to the zone mentioned above, or a rise to the key level 1.2650 followed by either a rejection or a clear break above it with a big green candle. In case of a pullback to the zone I have indicated above, pick bullish positions within it with your take profit at 1.2650 and stop-loss at 1.1333, and should there be a clear penetration above the level 1.2650, I anticipate further bullish movements towards the resistance levels 1.3610 and 1.4376.

Trade recommendation

Remain flat.