We are flat | 09 June 2023

Technical observation

GBP is trading with an increasing bullish bias between the supportive zone 1.2207-1.2190 and a resistance level 1.2657, however, expect a loss of this upwards movement followed by a retracement to the zone I have indicated above. My advice , remain neutral and wait for a pullback to the zone 1.2207-1.2190 then buy a bounce within it with your take profit at 1.2657 and stop-loss at 1.2075. If the price rises above the level 1.2657, I expect it to ascend further after a pullback to the broken line; on the other hand, if there is a clear break below the zone 1.2207-1.2190, I anticipate possible bearish movements towards 1.2207.

Trade recommendation

Remain flat.