Wait | 10 July 2023

Technical observation

GBP rose to the resistance level 1.2847 but did not rise above it; instead it bounced at the same line and sight now the price is trading with an increasing bearish bias below the same line. This downwards movement is a correction to the supportive zone 1.2319-1.2310 and I expect a correction to the same zone followed by either a bounce within it or a clear break below it with a big red candle. My advice, remain neutral and wait for a correction to the zone I have indicated above then buy a bounce within it with your take 1.2847 and stop-loss at 1.2185. A further surge can be expected in case of a penetration above the level 1.2847.

Trade recommendation

Remain flat.