19 December 2022, GBP/USD
Technical observation
GBP broke above the zone 1.1690-1.1623 then rose steadily towards the level 1.2650 but did not reach it, instead it bounced below this level and it is currently trading with an increasing bearish bias. The momentum to the lower side is a correction to the zone I mentioned earlier and I expect price to bounce within it. My advice, remain flat and wait for a pullback to the zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1161. In case of a clear break above the level 1.2650, I expect the value of GBP to surge further to upper side. As long as price is sustained above 1.1690-1.1623, I can only recommend bullish positions.
Trade recommendation
Wait for a correction to the zone 1.1690-1.1623 to buy GBP.
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