We are short towards 1.0368 | 27 February 2023

Technical observation

GBP bounced within the resistance zone 1.2401-1.2308 and since then it has been trading with an increasing bearish bias and as long as price is contained below the zone I have mentioned above I expect the value of this pair to decline even further. My advice, if you are currently holding short positions with GBP, I recommend that you remain in the trade with your take profit at 1.0368 and stop-loss at 1.2842. If the price declines below the level 1.0368 with a big red candle, wait for a pullback to it before you continue short with this pair. I can only recommend bullish positions in case of a break above the zone 1.2401-1.2308.

Trade recommendation

Remain bearish with your take profit at 1.0368.