Wait | 18 July 2023

Technical observation

GBP is retracing to the zone 1.3356-1.3279 and I expect a rejection within it to followed by a possible surge to the lower side. My advice, remain neutral and wait for a correction to the zone I have indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.3740, if there is a penetration below the level, wait for a pullback to the broken line and a bounce within it before you continue short towards the supportive level 1.0368 or lower. As it is on the chart above as long as the price is sustained below the zone 1.3356-1.3279 only short positions look ideal and can be recommended.

Trade recommendation

Remain flat.