07 June 2023, GBP/USD
Technical observation
GBP bounced within a resistance zone 1.2701-1.2628 and since then it has been trading with an increasing bearish bias, this week I anticipate a further momentum to the lower side and in case you already picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.0368 and stop-loss at 1.3179. In case of a break below the level 1.0368, I expect the value of this pair to plunge after a correction and a bounce at the broken line, on the other hand, I anticipate possible bullish movements of price towards the resistance level 1.4688 in case of a clear break above the zone 1.2701-1.2628.
Trade recommendation
Remain short with your take profit at 1.0368.
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