Remain long | 07 August 2023

Technical observation

GBP retraced to the supportive zone 1.2669-1.2609 for a second time but did not break below it, instead it bounced within the same zone and it is currently trading with an increasing bullish bias, today I expect the value of this pair to plummet further to the upper side and if you are already holding bullish positions with this pair, I recommend that you remain bullish with your take profit at 1.3610 and stop-loss at 1.2299. In case of a break above the level 1.3610, wait for a pullback and a bounce at the broken line before you continue long towards the resistance level 1.4376 or higher. As it is on the chart above, I can only recommend short positions below the zone 1.2669-1.2609.

Trade recommendation

Remain long with your take profit at 1.3610.