16 February 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias between the supportive zone 1.1690-1.1623 and a resistance level 1.2650, this upwards movement is a correction to the zone I have mentioned above and I expect a possible rejection within it to pick bullish positions with my take profit at 1.2650 and stop-loss at 1.1161, In case there is a clear break above the level 1.2650 with a big green candle, you can expect the value of this pair to ascend further towards the resistance level 1.3610 or higher to the level 1.4376. As it is on the daily chart above, I can only recommend short positions in case of a clear break below the zone 1.1690-1.1623.
Trade recommendation
Remain neutral.
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