Wait | 20 June 2023

Technical observation

GBP rose to the resistance level 1.2847 but could not break above it, instead it bounced at the same line and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 1.2412-1.2393 and I expect a rejection within this zone followed by a rally to the upper side. My advice, remain neutral and wait for a correction to the zone I have mentioned above then pick bullish positions within it after a bounce with your take profit at 1.2847 and stop-loss at 1.2308. On the chart above, I can only recommend short positions below the supportive zone 1.2412-1.2393.

Trade recommendation

Remain flat.