We are flat | 01 June 2023

Technical observation

GBP has been rallying to the upper side for some time now and today, I expect a continuation of this upwards movement towards the resistance zone it established at 1.2669-1.2609 followed by a possible rejection within it. My advice, remain neutral and wait for a correction to the zone I have indicated above then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.3030. Should the price clearly break below the level 1.1688 with a big red candle, you can expect it to plunge towards the line 1.0363 or lower, on the other hand if there is a clear break above the zone 1.2669-1.2609, I anticipate possible bullish movements towards 1.3610.

Trade recommendation

Remain neutral.