10 August 2023, GBP/USD
Technical observation
On the hourly chart above, the price retraced to the resistance zone 1.2795-1.2786 four consecutive times and it was sustained below this zone. Currently the price is trading with an increasing bullish bias and I expect a loss of this slight retracement to the upper side followed by bearish movements of price. If you are already holding short positions with this pair, remain in the trade with your take profit at 1.2590 and stop-loss at 1.2838. In case of a clear break below the level 1.2590, continue short with this pair after a correction and a bounce at the broken line, on the other hand, pick bullish positions towards 1.2992, in case of a break above the zone 1.2795-1.2786.
Trade recommendation
Remain short with your take profit at 1.2590.
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