Expecting a rally to 1.2758. | 10 June 2022

Technical observation

GBP pulled back to the supportive 1.2490-1.2469 but did not break below it, instead it bounced within the zone and currently it is trading with an increasing bullish bias. As long a price is sustained above the zone mentioned above, I expect a continuation of this upwards movement to the resistance level 1.2758 followed by either a clear break above it with a big green candle, or a rejection at it. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 1.2758 and stop-loss at 1.2338. I can only recommend short positions in case of a clear break below the zone 1.2490-1.2469.

Trade recommendation

Remain long with your take profit at 1.2758.