11 April 2022, GBP/USD
Technical observation
On the hourly chart, above price is pulling back to a resistance zone it established at 1.3057-1.3050 and I expect a rejection of this upwards movement within the same zone to pick short positions with my take profit at 1.2982 and stop-loss at 1.3085. Should there be clear breakout below the level 1.2982 I anticipate a possible further momentum to the lower side after a correction to the broken line. On the other hand if price is not sustained below the zone mentioned above but instead breaks above it with a big green candle, I expect a momentum towards the key level 1.3160 after a correction to the broken zone.
Trade recommendation
Remain neural temporarily.
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