Sell GBP now within the zone 1.2669-1.2609 | 11 May 2023

11 May 2023, GBP/USD

Technical observation

GBP pulled back to the resistance zone it established at 1.2669-1.2609 then bounced within it and currently it is trading with an increasing bearish bias within the same zone. My advice; pick short positions now within the zone i have mentioned above with your take profit at 1.1688 and stop-loss at 1.3017. If there is a clear break below the level 1.1688, I expect the value of this pair to plummet towards the supportive level 1.0363, on the other hand should the price rise above the zone 1.2669-1.2609 with a big green candle, I anticipate possible bullish momentum towards the resistance levels 1.361 or higher to 1.4376.

Trade recommendation

Sell GBP now within the zone 1.2669-1.2609 with your take profit at 1.1688.

Imelda Maseno
Analyst of «FreshForex» company
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