23 May 2023, GBP/USD
Technical observation
Just like EUR, GBP is currently trading with an increasing bearish bias below the zone 1.2575-1.2663 and as long as it is sustained below the same zone I expect a further surge to the lowers side. If you picked short positions within the zone I mentioned above, remain in the trade with your take profit at 1.0368 and stop-loss at 1.3098. In case of a break above the zone 1.2575-1.2663, wait for a correction and a bounce within it before you pick bullish positions towards the level 1.4236 or higher to 1.6725, on the other hand, should the price penetrate below the level 1.0368, I expect it to plummet after a pullback to the broken line.
Trade recommendation
Remain bearish with your take profit at 1.0368.
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