29 August 2023, GBP/USD
Technical observation
On the weekly chart above, GBP opened bullish and this week I expect a continuation of this upwards movement towards the resistance zone price established at 1.4250-1.4137 followed by either a rejection within it or a clear break above it with a big green candle. My advice, if there is a rejection within the zone indicated above, sell this pair within it with your take profit at 1.1307 and stop-loss at 1.5014, in case of a clear break below the level 1.1307, I expect the value of GBP to descend further towards the level 1.0368, contrary, If there is a clear penetration above the zone 1.4250-1.4137, I anticipate a surge to the level 1.6725.
Trade recommendation
Wait for a correction to the zone 1.4250-1.4137 to buy GBP.
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