Wait | 16 June 2023

Technical observation

GBP is trading with an increasing bullish bias slightly below the zone 1.3356-1.3279, this upwards movement is a correction to the zone indicated above and I expect a rejection within it followed by a momentum to the lower side. Right now, I recommend you remain neutral and wait for a pullback to the zone 1.3356-1.3279 then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.3910. On the chart above as long as the price is sustained below the zone 1.3356-1.3279, I can only recommend short positions on the other hand if there is a break above the same zone, I anticipate a surge towards level 1.4749.

Trade recommendation

Remain neutral.