Anticipating a pullback to the zone 1.1960-1.1623 | 23 February 2023

Technical observation

The pair on the chart above is trading with an increasing bearish bias the supportive zone 1.1690-1.1623, this downward movement is a pullback to the zone indicated above and I expect a possible rejection of price within it. My advice, remain flat and wait for a correction to the zone 1.1960-1.1623 then pick bullish positions within it after a bounce with your take profit at 1.2650 and stop-loss at 1.1269. In case of a penetration above the level 1.2650, I expect the value of GBP to ascend towards the key levels 1.3610 and 1.4376, on the other hand, in case of a break below the zone 1.1960-1.1623; I expect a surge towards the level 1.0363.

Trade recommendation

Remain flat.