Remain neutral | 07 February 2023

07 February 2023, GBP/USD

Remain neutral

Technical observation

GBP is pulling back to the supportive zone it established at 1.1690-1.1623 and my expectation is a rejection of price within this zone or a clear break below it with a big red candle. In case of a bounce within the zone I have mentioned above, pick bullish positions within it with your take profit at 1.2650 and stop-loss at 1.1274 and should there be a clear break below the same, you can expect the value of this pair to plummet towards the supportive level 1.0364 after a correction and rejection within the broken zone. Right now as it is on the daily chart above, remaining flat is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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