Buy GBP within the zone 1.2636-1.2585 | 28 August 2023

Technical observation

GBP pulled back to the supportive zone 1.2636-1.2585 but did not break below it, however it bounced within this zone and today I expect possible bullish movements, my advice, pick bullish positions now within the zone indicated above with your take profit at 1.3610 and stop-loss at 1.2283, if the price rises above the level 1.3610, I expect it to ascend further after a pullback and a bounce at the broken line, on the other hand, in case the value of GBP is not sustained above the zone 1.2636-1.2585, but clearly breaks below it, I anticipate a plunge towards the supportive levels 1.1688 and 1.0363 or lower.

Trade recommendation

Buy GBP within the zone 1.2636-1.2585 with your take profit at 1.3610 and stop-loss at 1.2283.