Wait | 28 June 2023

Technical observation

GBP rose to the resistance level 1.2847 and it was sustained below it, since then the price has been trading with an increasing bearish bias and I expect it to descend further, the anticipated downwards movement is a correction to the supportive zone 1.2360-1.2342 and I expect a rejection within it to re-buy GBP with my take profit at 1.2847 and stop-loss at 1.2235. If there is a clear break above the level 1.2847, I expect the value of this pair to ascend even further, however, in case of a clear breach below the zone 1.2360-1.2342; I expect the price to plunge towards the supportive levels 1.1797 or lower.

Trade recommendation

Remain neutral.