11 January 2023, GBP/USD
Technical observation
GBP pulled back to the supportive zone 1.1690-1.1623 but could not reach it, instead it bounced slightly above the same zone and since then it has been trading with an increasing bullish bias, however, my expectation is a loss of this upwards movement followed by a correction to the zone I have mentioned above and I recommended that you remain flat temporarily then wait for a correction to the zone indicated above and buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1252. If there is a clear break above the level 1.2650, I anticipate further bullish movements of price towards the upper key levels 1.3610 and 1.4376.
Trade recommendation
Wait for a correction to the zone 1.1690-1.1623 to buy GBP.
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