09 March 2023, GBP/USD
Technical observation
GBP broke below the zone it established at 1.1900-1.1926 with a big red candle and it is still showing signs of declining further, however, I expect a loss of this downwards movement followed by a correction to the zone I have mentioned above and a bounce within it. My advice, remain neutral and wait for a pullback to the zone 1.1900-1.1926 then sell a bounce within it with your take profit at 1.1152 and stop-loss at 1.2014. If there is a clear break below the level 1.1152, I expect the value of this pair to plummet further towards the level 1.0365 or lower. As long as GBP is sustained below the 1.1900-1.1926, I can only recommend short positions.
Trade recommendation
Remain flat.
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