Looking to sell within 1.3182-1.3166 | 21 April 2022

Technical observation

Just like EUR, GBP is also retracing to a resistance zone it established at 1.3182-1.3166, my expectation is a rise to the same zone followed by either a rejection within it or a clear breakout above it with a big green candle. Right now I would recommend that you remain flat and wait for a correction to the zone I previously mentioned then short this pair within it with your take profit at 1.2990 and stop-loss at 1.3249. In case of a penetration below the level 1.2990, I expect a further momentum to the lower side; however, in case of a breakout above the zone 1.3182-1.3166, I expect a surge to the upper side after a pull back to the broken zone.

Trade recommendation

Wait for a correction to the zone 1.3182-1.3166 to sell GBP.