Wait for a pullback to 1.2635-1.2591 | 21 June 2022

Technical observation

GBP is trading with an increasing bullish bias slightly below the zone 1.2635-1.2591, this upwards movement is a correction to the same zone and I expect a rally to it followed by a rejection of price within it to pick short positions with my tale profit at 1.1989 and stop-loss at 1.2834. If this take profit is hit and there is a clear penetration below it, continue short towards the level 1.1444. On the other hand, in case of a clear break above the zone I mentioned earlier with a big green candle, wait for a correction and a rejection of price within it before you pick long positions towards the resistance level marked at 1.3203.

Trade recommendation

Wait for a pullback to 1.2635-1.2591 to sell GBP.