Expecting a rally towards 1.2991 | 17 August 2023

Technical observation

GBP sent a tail to the supportive zone 1.2617-1.2590 but did not break below it, this is a third pullback to the same zone and as long as the price is sustained above it, I anticipate upwards momentum of price. If you picked long positions within the zone I mentioned earlier, remain in the trade with your first take profit at 1.2991 and the next at 1.3131 with your stop-loss at 1.2478. If there is a clear break below the zone 1.2617-1.2590, wait for a correction and a bounce within it confirming possible bearish movements of price before you pick short positions towards the key levels 1.2182 and 1.1810.

Trade recommendation

Remain long with your take profit at 1.2991.