22 March 2023, GBP/USD
Technical observation
On the chart above GBP did not bounce within the zone 1.2191-1.2209 but instead rose above it with a big green candle, it then pulled back to the just broken zone and was sustained above it. Right now the value of this pair is trading with an increasing bullish bias and as long as it remains above the zone I have mentioned above, I expect a continuation of this upwards movement. My advice, remain neutral and wait for a second retracement to the zone 1.2191-1.2209 to pick bullish positions with your take profit at 1.2483 and stop-loss at 1.2096. If there is a penetration below the zone 1.2191-1.2209 wait for a pullback to it before you pick short positions.
Trade recommendation
Remain flat.
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