Wait | 15 June 2023

Technical observation

GBP is trading with an increasing bearish bias slightly below the resistance level 1.2698, this downwards movement is a correction to the supportive level 1.2237 and I expect a decline to the same line followed by a bounce at it. My advice, remain neutral and wait for a correction to the level 1.2237 then buy a bounce at it with your take profit at 1.2698 and stop-loss at 1.2156. In case of a break above the level 1.2698, wait for a pullback and a bounce at it before you continue long, however, if the price breaks below the level 1.2237, I expect it to plummet towards the supportive level 1.1857 or lower.

Trade recommendation

Remain neutral.