Remain bearish | 05 June 2023

Technical observation

GBP is trading with an increasing bearish momentum below the resistance zone it established at 1.2669-1.2609 and as long as it is sustained below this zone, I expect the price to plunge further to the lower side. In case you sold this pair within the zone mentioned above after a bounce, remain bearish with your take profit at 1.1688 and stop-loss at 1.3030. In case of a clear break below the level 1.1688, I expect the value of this pair to plunge towards the supportive level 1.0363 or lower, on the other hand, should there be a break above the zone 1.2669-1.2609, I anticipate bullish movements of price towards 1.3610.

Trade recommendation

Remain bearish with your take profit at 1.1688.