Wait for a correction to the zone 1.2656-1.2617 | 25 July 2022

Technical observation

GBP is currently trading above the supportive level 1.1820 with an increasing bullish momentum and I expect a further rise to the resistance zone price established at 1.2656-1.2617, I would advise that you remain neutral and wait for a rise to the zone mention above then sell a bounce within it with your take profit at 1.1820 and stop-loss at 1.2882. If there is a clear break below the level 1.1820, I expect the value of the pair above to descend towards the supportive level 1.1412. However, should there be a clear penetration above the zone 1.2656-1.2617, I expect price to rise towards the resistance level 1.3266.

Trade recommendation

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