We are short towards 1.0368 | 22 February 2023

Technical observation

Just like EUR, GBP retraced to a resistance zone it established at 1.2401-1.2306 and it was sustained below it, right now the value of this pair is trading with an increasing bearish bias and as long as it remains below the zone I mentioned earlier, I expect a continuation of this bearish movement. My advice, remain short with your take profit at 1.0368 and stop-loss at 1.2850. In case of a clear break below the level 1.0368, I recommend that you wait for a correction and a rejection at it the broken line before you continue short with this pair. On the chart above, I can only recommend bullish positions above the zone 1.2401-1.2306.

Trade recommendation

Remain bearish with your take profit at 1.0368.