GBPUSD – Flat
Technical observation
On the hourly chart above, price is trading with an increasing bullish bias slightly below a resistance zone it established at 1.0928-1.0896, this upwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it to pick short positions. My advice, remain flat temporarily and wait for a pullback to the resistance zone 1.0928-1.0896 then sell a bounce within it with your take profit at the supportive level 1.0400 and stop-loss at 1.1096. If there is a clear break below 1.0400, I expect the value of GBP to plummet further after a correction and a bounce at the broken line.
Trade recommendation
Remain flat.
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