We are flat | 19 April 2022

Technical observation

GBP is trading with an increasing bearish bias below the resistance zone it established at 1.3418-1.3355, my expectation is a loss of this bearish bias followed by a correction to the zone mentioned above and a rejection within it to pick short positions. My advice, remain neutral and wait for a correction to the zone 1.3418-1.3355 to pick short positions with your take profit at 1.2020 and stop loss at 1.3749. If price penetrates below the level 1.2020, I anticipate a further surge towards 1.1404, on the other hand in case of a clear break above the zone I mentioned earlier; you can expect a momentum towards the level 1.4636.

Trade recommendation

Remain flat.