Place a pending buy limit order within the zone 1.2621-1.2604 | 03 August 2023

Technical observation

GBP is retracing to the supportive zone it established at 1.2621-1.2604 and I expect a decline to this zone followed by either rejection within it or a clear break below it with a big green candle. You can place a pending buy limit order within the zone I have mentioned above with your take profit at 1.2996 and stop-loss at 1.2492, if there is a clear break above the level 1.2996, I expect the value of GBP to ascend further after a correction to the broken line, on the other hand, should there be a clear penetration below the zone 1.2621-1.2604, wait for a pullback and a bounce within it before you short GBP towards the key levels 1.2194 and 1.1797.

Trade recommendation

Place a pending buy limit order within the zone 1.2621-1.2604 with your take profit at 1.2996.