13 February 2023, GBP/USD
Technical observation
Just like EUR, GBP also pulled back to a resistance zone 1.2401-1.2306 but did not rise above it, instead it was rejected within the same zone and since then it has been trading with an increasing bearish bias. As long the price is sustained below the zone I have mentioned above, I expect the value of GBP to descend further, and if you picked short positions within the zone I have indicated above, remain in the trade with your take profit at 1.0368 and stop-loss at 1.3029, a further surge to the lower side can be anticipated in case of a clear break below the level 1.0368, on the other hand in case of a break above the zone 1.2401-1.2306, I expect a surge towards 1.4236.
Trade recommendation
Remain bearish with your take profit at 1.0368.
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