Remain neutral temporarily. | 30 September 2022

Technical observation

GBP is trading with an increasing bullish bias below the resistance zone 1.1460-1.1427 and I expect a continuation of this upwards movement to the same zone followed by a rejection of price within it. As it is on the chart above, I would recommend that you remain neutral temporarily then sell a bounce within the zone indicated above with your take profit at 1.064 and stop-loss at 1.1715. In case GBP is not sustained below the zone I mentioned earlier but clearly breaks above it with a big green candle, wait for a correction to the broken zone and a bounce within it before you pick long positions towards the key level 1.1901.

Trade recommendation

Remain neutral temporarily.