Expecting a rally to 1.2404 | 20 June 2022

Technical observation

On the hourly chart above price broke above the resistance zone 1.2194-2181 then rose up to the key level 1.2404, it then bounced at the same level before pulling back to the zone I have mentioned above. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at the level 1.2404 and stop-loss at 1.2088. Should there be a clear break above the level 1.2404 with a big green candle, wait for a correction to it before you continue long towards the level 1.2658. As long as the value of GBP is sustained above the zone 1.2194-2181, I can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 1.2404.