Looking to re-sell within 1.0482-1.0475 | 08 July 2022

Technical observation

GBP declined to the supportive level 1.1910 but could not break below it, instead it bounced at the line and today price rose with a big green candle, I expect a continuation of this upwards movement to the resistance zone 1.2656-1.2617 followed by a rejection within it to re-sell GBP with my take profit at 1.1910 and stop-loss at 1.2844. In case of a clear break below the level 1.1910 with a big red candle, I expect price to surge further towards the lower lever 1.1412, however should there be a clear break above the zone I mentioned earlier, I expect price to rally towards the resistance level 1.3184 or even higher to 1.3959.

Trade recommendation

Wait for a pullback to the zone 1.2656-1.2617 to sell GBP.