12 December 2022, GBP/USD
Technical observation
GBP rose steadily to the resistance level 1.2322 and it is currently trading below it with an increasing bearish bias; I expect a continuation of this downwards movement to the supportive zone 1.1689-1.1644 followed by a rejection within it to pick bullish positions with my take profit at 1.2322 and stop-loss at 1.1411. In case of a clear penetration above the key level 1.2322, i anticipate a possible further rally to the upper side. On the 4 hour chart above, as long as the value of GBP is sustained above the zone 1.1689-1.1644, I can only recommend bullish positions, a surge to the lower side is can be expected below the zone 1.1689-1.1644.
Trade recommendation
Wait for a correction to the zone 1.1689-1.1644 to buy GBP.
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