Expecting a rally to 1.2982 | 13 April 2022

Technical observation

GBP retraced to a resistance zone it established at 1.3050-1.3054 but could not break above it, instead it bounced below the zone and since then it has been trading with an increasing bearish bias, I expect a continuation of this downwards movement to the supportive level 1.2982 followed by either a clear breakout below it or a bounce at it. If you are currently short with the pair above, remain in the trade with your take profit at 1.2982 and stop loss at1.3077. In case of a break below the level 1.2982, I expect a possible further surge to the lower side. I can only recommend bullish positions above the zone 1.3050-1.3054.

Trade recommendation

Remain short with your take profit at 1.2982.