26 May 2022, GBP/USD
Technical observation
On the chart above price pulled back to a resistance zone 1.2586-1.2569 and currently it is trading within the same zone with an increasing bullish bias. My expectation is a loss of this upwards movement followed by a momentum to the lower side. My advice, pick short positions within the zone mentioned above with your take profit at the supportive level 1.2177 and stop-loss at 1.2697. In case GBP is not sustained below the zone 1.2586-1.2569 but clearly breaks above it with a big green candle, a possible momentum to the resistance level 1.2838 or even higher can be expected after a retracement to the broken zone.
Trade recommendation
Pick short positions within 1.2586-1.2569 with your take profit at 1.2177.
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