GBPUSD – Flat
Technical observation
GBP is trading with an increasing bullish bias between the supportive zone it established at 1.1690-1.1623 and a resistance level 1.2650 and my expectation is a loss of this upwards movement followed by a correction to the zone indicated above and possible bounce within it. As it is on the chart above, I recommend that you remain neutral and wait for a correction to the zone 1.1690-1.1623 then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1154. If there is a clear break above the level 1.265, I expect the value of GBP to rally further upwards towards the key levels 1.3610 and 1.4242.
Trade recommendation
Wait for a correction to the zone 1.1690-1.1623 to buy GBP.
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