08 February 2023, GBP/USD
Technical observation
Since it bounced within the zone 1.2401-1.2306, GBP has been trading with an increasing bearish bias and as long as it is sustained below the same zone I expect it to rally further to the lower side. In case you are currently short with the pair above, remain in the trade with your take profit at 1.0368 and stop-loss at 1.2837. If there is a clear break below the level 1.0368, you can expect the value of this pair to plummet further after a correction to the broken line; on the other hand if there is a clear break above the zone 1.2401-1.2306, I expect the price to ascend towards the key level 1.4236 or even higher to 1.6725.
Trade recommendation
Remain bearish with your take profit at 1.0368.
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