Buy GBP within the zone 1.2617-1.2590 | 14 August 2023

Technical observation

GBP is pulling back to the supportive zone it established at 1.2617-1.2590 and I expect a possible rejection within this zone followed by a surge to the upper side. My advice, remain flat temporarily then buy a bounce within the zone i have indicated above with your take profit at 1.3131 and stop-loss at 1.2475, if there is a clear break above the level 1.3131, I expect a further surge to the upper side, on the other hand, if the value of GBP is not sustained above the zone 1.2617-1.2590 but clearly breaks below it with a big red candle, I expect the price to plunge towards the key levels 1.2182 and 1.1810.

Trade recommendation

Buy GBP within the zone 1.2617-1.2590 with your take profit at 1.3131.