27 April 2022, GBP/USD
Technical observation
Since it bounced within the zone 1.3221-1.3185, GBP has been declining steadily towards the supportive level 1.2572 and yesterday price hit the same line but did not penetrate below it. Today I expect a correction to the zone I mentioned earlier followed by a rejection within to re-sell GBP with my take profit at 1.2572 and stop-loss at 1.3422. In case of a clear breakout below the level 1.2572, I expect the value of this pair to plummet to the level 1.2077 or even lower to the supportive level 1.1406. As long the value of GBP is sustained below the resistance zone 1.3221-1.3185, I can only recommend short positions.
Trade recommendation
Wait for a correction to the zone 1.3221-1.3185 to sell GBP.