Remain bearish with your take profit at 1.0368. | 14 March 2023

Technical observation

GBP bounced within the resistance zone it established at 1.2401-1.2308 and since then it has been trading with an increasing bearish bias and as long as it is sustained below the zone I have indicated above, I expect a continuation of this downwards movement. If you sold this pair within the zone 1.2401-1.2308 after a bounce, my advice is remain in the trade with your take profit at 1.0368 and stop-loss at 1.2923. In case of a break below the level, 1.0368, wait for a correction and a rejection at it before you continue short with GBP, as it is on the chart above, bullish positions can only be recommended above the zone 1.2401-1.2308.

Trade recommendation

Remain bearish with your take profit at 1.0368.