Sell GBP within the zone 1.2365-1.2416 | 21 March 2023

Technical observation

GBP is pulling back to a resistance zone it established at 1.2365-1.2416 and I expect a rise to the same zone followed by a possible rejection within it. If price bounces within the zone I have mentioned above, pick short positions with your take profit at 1.1484 and stop-loss at 1.2778, in case of a penetration below the level 1.1484, I expect the value of GBP to plummet further towards the supportive level 1.0363, on the other hand, if there is a clear break above the zone 1.2365-1.2416 with a big green candle, I expect possible bullish movements of price towards the key levels 1.3610, 1.4376 or higher.

Trade recommendation

Sell GBP within the zone 1.2365-1.2416 with your take profit at 1.1484.