Wait | 15 May 2023

Technical observation

Just like EUR, GBP is also pulling back to a supportive zone 1.2373-1.2353 as indicated on the chart above and I expect a further surge to the same zone followed by a rejection of price within it. My advice, remain flat and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1.2850 and stop-loss at 1.2200. If the price clearly breaks above the level 1.2850, wait for a correction to it before you continue long with this pair, but should the value of GBP decline below the zone 1.2373-1.2353, you can expect it to descend towards the supportive level 1.1808.

Trade recommendation

Remain neutral.