Wait for a correction to the zone 1.4137- 1.4250 | 23 August 2023

Technical observation

Last week GBP rose with a big green candle and it is still showing signs of a possible momentum to the upper side. This bullish movement is a pullback to the zone the price established at 1.4137- 1.4250 and i expect either a rejection within this zone or a clear break above it with a big green candle. In case of a rejection within the zone indicated above, short GBP within the same zone with your take profit at 1.1307 and stop-loss at 1.4770. If there is a clear break below the level 1.1307, continue short towards the supportive line 1.0368 or lower, on the chart above, I can only recommend bullish positions above the zone 1.4137- 1.4250.

Trade recommendation

Wait for a correction to the zone 1.4137- 1.4250 to sell GBP.