Wait for a correction to the zone 1.2213-1.2202 | 04 April 2023

Technical observation

GBP rose steadily then bounced at the resistance level 1.2422 and today I expect possible bearish movements of price, the anticipated downwards movement is a pullback to the supportive zone 1.2213-1.2202 and I expect a bounced within it followed by a rally to the upper side. My advice, remain flat and wait for a pullback to the zone indicated above, then buy a bounce within it with your take profit at 1.2422 and stop-loss at 1.2138. If there is clear break above the level 1.2422, wait for a pullback to it before you continue long with GBP, on the other hand, in case of a break below the zone 1.2213-1.2202, pick short positions towards 1.2015.

Trade recommendation

Wait for a correction to the zone 1.2213-1.2202 buy GBP.