We are neutral | 27 September 2023

Technical observation

GBP has been trading with an increasing bearish bias for several weeks now, this downwards movement is a slight correction to the lower side and I expect a loss of it followed by a correction to the resistance zone 1.4137-1.4250. My advice, remain neutral and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.5019. If the price declines below the level 1.1307, I expect a further plunge towards the supportive level 1.0368, as it is on the chart above, as long as the value of GBP is sustained below the zone 1.4137-1.4250, I can only recommend short positions.

Trade recommendation

Remain flat.