GBPUSD – Flat
Technical observation
GBP is trading with an increasing bullish bias slightly above the supportive zone 1.1774-1.1741, this upwards movement is a slight rally to the upper side and I expect a loss of it followed by a correction to the zone I have mentioned above. My advice, remain flat and wait for a correction to the zone 1.1741-1.1774 then buy a bounce within it with your take profit at 1.2424 and stop-loss at 1.1593, a further surge to the upper side can be expected in case of a clear penetration above the level 1.2424 on the other hand, in case of a clear break below the zone 1.1774-1.1741, I expect the value of this pair to descend towards 1.1050.
Trade recommendation
Wait for a pullback to the zone 1.1774-1.1741 to buy GBP.
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