Sell GBP within 1.1474-1.1427 | 14 October 2022

Technical observation

On the chart above, price is trading with an increasing bullish bias slightly below the resistance zone 1.1474-1.1427 and my expectation is a further rise to this zone followed by either a rejection of price within it or a clear break above it with a big green candle. My advice, place a pending sell limit order within the zone indicated above with your take profit at 1.0885 and stop-loss at 1.1674, in case of a clear break below the level 1.0885, wait for a correction and a rejection of price at it before you continue short with your take profit at 1.0362. As it is on the chart above, I can only recommend bullish positions in case of a break above the zone 1.1474-1.1427.

Trade recommendation

Sell GBP within 1.1474-1.1427 with your take profit at 1.0885.