12 September 2023, GBP/USD
Technical observation
The pair above bounced at the level 1.1307 and since then it has been trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.4137-1.4250 and I expect a possible rejection within it followed by a surge to the lower side. My advice remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.4829, in case of a clear break below the level 1.1307, I expect the price to plunge towards the key level 1.0368 or lower. I can only recommend bullish positions in case of a penetration above the zone 1.4137-1.4250.
Trade recommendation
Remain flat.
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