Wait for a correction to the level 1.2847 | 13 July 2023

Technical observation

GBP rose above the line 1.2847 and since then it has been trading with an increasing bullish bias, today I expect either a loss of this upwards movement followed by a pullback to the level indicated above or a further surge to the upper side. My advice, remain neutral and wait for a second correction to the key level 1.2847 to buy GBP with your take profit at 1.3294 and stop-loss at 1.2753, in case of a clear breach above level 1.3294, I expect the price to rally further upwards, on the other hand, if GBP is not contained above level 1.2847, I expect it to descend towards the supportive level 1.1797 or lower to 1.1336.

Trade recommendation

Wait for a correction to the level 1.2847 to buy GBP.