16 August 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias between the supportive level 1.1307 and a resistance zone 1.4137-1.4250, this upwards movement is a correction to the zone I have mentioned above and I expect a rise to it followed either a bounce within it or a clear break above it within it with a big green candle. My advice, remain flat and wait for a correction to the zone 1.4137-1.4250 then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.4927, on the other hand, should there be a clear breach above the zone indicated above, wait for a pullback and a bounce within the broken zone before you pick bullish positions towards 1.6725.
Trade recommendation
Remain neutral.
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