Expecting a momentum towards 1.3610.. | 11 August 2023

Technical observation

Yesterday GBP retraced to zone 1.2669-1.2609 but could not penetrate below it, instead it was sustained above this zone and it is currently trading with an increasing bullish bias. Today I expect a further momentum to the upper side and if you picked bullish within the zone I mentioned above, remain long with your take profit at 1.3610 and stop-loss at 1.2283, should the price rise above the level 1.3610, wait for a correction to the broken line and a rejection at it before you continue long towards the level 1.4376. 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.