08 September 2023, GBP/USD
Technical observation
On the chart above the price retraced to a supportive zone it established at 1.2635-1.2571 but did not bounce within it, instead it broke below this zone and it is still trading with an increasing bearish bias. The price can possibly rally further to the lower side today, however, I expect a loss of this downwards movement followed by a retracement to the zone I mentioned above to sell GBP with my take profit at the level 1.1688 and stop-loss at 1.2998. If the value of this pair declines below the key level 1.1688, I anticipate further bearish movements of price towards the supportive line 1.0363 or lower.
Trade recommendation
Remain flat.
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