Remain flat. | 22 June 2022

Technical observation

On the hourly chat above price is trading with an increasing bearish bias between the supportive zone 1.2194-1.2181 and a resistance level 1.2377, I expect a continuation of this bearish movement to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 1.2377 and stop-loss 1.2113. In case of a clear break above the zone 1.2194-1.2181 with a big green candle, I expect price to surge towards the resistance level 1.2597. However, In case of a clear breakout below the supportive zone indicated above I expect a possible surge towards the key level 1.1970, or even lower.

Trade recommendation

Wait for a correction to the zone 1.2194-1.2181 to buy GBP.