Buy GBP within 1.3055-1.3050 | 18 April 2022

Technical observation

On the hourly chart above price broke below a supportive zone 1.3055-1.3050 but it was not sustained below it, instead it rose above the same zone and since then it has been contained above the zone. Right now the value of the pair above is trading with an increasing bearish bias above the zone mentioned above and I expect a rejection within it to pick long positions with my take profit at 1.3161 and stop loss at 1.3026. In case of a clear break above the level 1.3161, I expect a further surge to the upper side. AS it is on the chart above, I can only recommend short positions in case of a break below the zone 1.3055-1.3050.

Trade recommendation

Buy GBP within 1.3055-1.3050 with your take profit at 1.3161.