Wait for a pullback to the zone 1.1774-1.1741 | 01 March 2023

Technical observation

GBP is trading with an increasing bullish bias slightly above the supportive zone 1.1774-1.1741, this upwards movement is a slight rally to the upper side and I expect a loss of it followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a correction to the zone 1.1741-1.1774 then buy a bounce within it with your take profit at 1.2424 and stop-loss at 1.1593, a further surge to the upper side can be expected in case of a clear penetration above the level 1.2424 on the other hand, in case of a clear break below the zone 1.1774-1.1741, I expect the value of this pair to descend towards 1.1050.

Trade recommendation

Wait for a pullback to the zone 1.1774-1.1741 to buy GBP.