12 June 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias slightly below the resistance level 1.2657 and I expect a rise to the same line followed by a possible rejection at it or a clear break above it with a big green candle. If there a rejection at the line 1.2657, wait for a correction to the supportive zone 1.2207-1.2190 and a rejection within it to pick bullish positions with your take profit at 1.2657 and stop-loss at 1.2090. Should there be a clear break above the level 1.2675, you can wait for a correction to the broken line before you continue long with this pair, however, I expect a possible surge towards the supportive level 1.1797 in case of a break below the zone 1.2207-1.2190.
Trade recommendation
Remain flat.
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