Remain bearish | 14 June 2023

Technical observation

GBP bounced within the resistance zone 1.2669-1.2609 and since then it has been trading with an increasing bearish bias, as long as the price is sustained below this zone, I expect a further surge to the lower side and in case you sold this pair within the zone I mentioned earlier, I recommend that you remain in the trade with your take profit at 1.1688 and stop-loss at 1.3030. If there is a clear break below the level 1.1688 with a big red candle, wait for a pullback and a bounce at it before you continue short towards the level 1.0363, on the other hand, you can enter long positions in case of a break above the zone 1.2669-1.2609.

Trade recommendation

Remain bearish with your take profit at 1.1688.