Wait | 27 June 2023

Technical observation

GBP is trading with an increasing bearish bias between the resistance zone 1.4369-1.4251 and a supportive level 1.1307, I expect a loss of this downwards movement followed by a pullback to the zone in have mentioned above, my advice is, remain flat and wait for a correction to the zone 1.4369-1.4251 then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.5023. If there is a clear break below the level 1.1307, I expect the value of GBP to plunge further towards 1.0368, on the other hand, I expect possible bullish movement towards the resistance level 1.6725 in case of clear break above the zone 1.4369-1.4251.

Trade recommendation

Remain neutral.