flat | 21 February 2023

Technical observation

GBP bounced at the supportive level 1.1915 and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.2104-1.2113 and right now price is trading just below the same zone. I expect rise to the zone I have mentioned above followed by a rejection of price within to sell GBP with my take profit at 1.1915 and stop-loss at 1.2155. I expect a further momentum to the lower side in case of a break below the level 1.1915. In case of a break above the zone 1.2104-1.2113, wait for a pullback to it and a bounce before you pick bullish positions towards the resistance levels 1.2267 and 1.2446

Trade recommendation

Remain neutral temporarily.