16 May 2023, GBP/USD
Technical observation
GBP bounced within the resistance zone 1.2653-1.2575 and last week it declined with a big red candle, this week, as long as the price is contained below the same zone I expect it plummet further to the lower side. In case you already sold GBP, my advice is, remain in the trade with your take profit at 1.0368 and stop-loss at 1.3068. I anticipate a further surge to the lower side in case of a break below the level 1.0368, on the other hand, should there be a clear penetration above the resistance zone 1.2653-1.2575 with a big green candle, I expect the value of GBP to ascend towards the key level 1.4771 or even higher to 1.7153.
Trade recommendation
Remain bearish with your take profit at 1.0368.
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