15 August 2023, GBP/USD
Technical observation
GBP retraced to a supportive zone it established at 1.2669-1.2609 for a second time but did not break below it, instead it bounced within this zone and it is currently trading with an increasing bullish bias, as long as the price is sustained above the zone I mentioned earlier, I expect a further surge to the upper and in case you already picked long positions, I recommend that you remain in the trade with your take profit at 1.3610 and stop-loss at 1.2273. If there is a clear break above the level 1.3610, I expect the value of this pair to ascend further towards the level 1.4376; on the other hand, I anticipate bearish movements below the zone 1.2669-1.2609.
Trade recommendation
Remain long with your take profit at 1.3610.
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