Wait for a correction to the zone 1.4137-1.4250 | 21 September 2023

Technical observation

On the weekly chart above, GBP has been trading with an increasing bullish bias since it bounced at the supportive level 1.1307, this upwards movement is a correction to the resistance zone 1.4137-1.4250 and I expect a possible bounce within it. My advice, remain neutral and wait for a pullback to the zone I mentioned above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.5014. If the price declines below the level 1.1307 continue short with this pair towards 1.0368, however, if there is a rise above the zone 1.4137-1.4250, I expect the value of GBP to ascend towards the resistance levels 1.6725 and 1.9224.

Trade recommendation

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