GBPUSD – Flat
Technical observation
GBP pulled back to the resistance zone 1.2365-1.2416 then bounced within it and it is currently trading with an increasing bearish bias, as long the price is sustained below the zone I have indicated above I expect a continuation of this bearish movement and if you sold this pair within the zone 1.2365-1.2416 after a bounce I recommend you remain in the trade with your take profit at 1.1484 and stop-loss at 1.2777. If there is a clear break below the level 1.1484, I expect the price to plummet towards the supportive level 1.0363; on the other hand, in case of a break above the zone 1.2365-1.2416, I expect bullish movements towards 1.3610.
Trade recommendation
Remain bearish with your take profit 1.1484.
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