Wait for a correction to the zone 1.2669-1.2609 | 12 July 2023

Technical observation

GBP rose above the zone 1.2669-1.2609 then pulled back to it and it was sustained above it, as long as the price remains above this zone I expect it to ascend even further and my advice is, wait for a second correction to the zone I have mentioned above then pick bullish positions within it with your take profit at 1.3610 and stop-loss at 1.2322, In case a of clear penetration above the level 1.3610 with a big green candle, I expect the value of this pair to scale further upwards to the key level 1.4376 or higher, on the contrary, if the price breaks below the zone 1.2669-1.2609 with a big red candle, I anticipate possible bearish movements towards 1.1688.

Trade recommendation

Wait for a second correction to the zone 1.2669-1.2609 to buy GBP.