28 September 2023, GBP/USD
Technical observation
Since it bounced within the zone 1.2635-1.2571, GBP has been declining steadily and today I expect it to descend further, however, I also expect a possible pullback to the zone I have indicated above and rejection of price within it. Right now, I recommend that you remain neutral and wait for a correction to the zone 1.2635-1.2571 then pick short positions within it with your take profit at 1.1688 and stop-loss at 1.2998. If there is a clear breach below 1.1688, wait for a pullback to the broken level before you continue short towards 1.0363. On the chart above, as long as the value of GBP is sustained below the zone 1.2635-1.2571, I can only recommend bearish positions.
Trade recommendation
Remain flat.
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