Wait | 08 June 2023

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance zone 1.2669-1.2609 and I expect a possible rejection of price within this zone followed by a momentum to the lower side. My advice, remain flat and wait for a correction to the zone I mentioned earlier then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.3035. In case of a break below the level 1.1688, wait for a correction to the broken level before you continue short towards 1.0363, on the other hand, should there be a clear break above the zone 1.2669-1.2609, you can anticipate upwards movements towards 1.3610.

Trade recommendation

Remain neutral.