GBPUSD – Flat
Technical observation
GBP is trading with an increasing bearish bias below the resistance zone it established at 1.1690-1.1623 and as long as it is contained below this zone, I expect it to rally further to the lower side. If picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.0363 and stop-loss at 1.2046. In case of a penetration below the level 1.0363, I expect the value of this pair to plummet further; however, if there is a clear break above the zone 1.1690-1.1623, I anticipate possible bullish movement of price towards the resistance level 1.2650, or even higher to the level 1.3610.
Trade recommendation
Remain short with your take profit at 1.0363.
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