12 January 2023, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias between the supportive zone 1.1744-1.1714 and a resistance level 1.2448 and I expect a continuation of this bearish movement to the zone I have mentioned above followed by a rejection of price within it. My advice, remain neutral and wait for a pullback to the zone I have indicated above then buy a bounce within it with your take profit at 1.2448 and stop-loss at 1.1529. In case of a clear break above the level 1.2448 I expect the value of GBP to ascend further after a correction to the broken line, on the other hand, if there is a clear penetration below the zone 1.1744-1.1714, I expect price to plummet towards the level 1.1050.
Trade recommendation
Wait for a pullback to the zone 1.1744-1.1714 to buy GBP.
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