Sell GBP within the zone 1.2669-1.2609 | 05 April 2023

Technical observation

GBP is pulling back to the resistance zone it established at 1.2669-1.2609 and I expect a possible bounce within the same zone followed by downwards movement of price. My advice, wait for a rise and a rejection within the zone indicated above then pick short positions with your take profit at 1.1688 and stop-loss at 1.3068. In case of a break below the level 1.1688, I expect price to plummet towards the supportive level 1.0363 or lower, however, should there be a break above the zone 1.2669-1.2609, I anticipate possible upwards movement of price towards the key level 1.3610 or even higher to 1.4376.

Trade recommendation

Sell GBP within the zone 1.2669-1.2609 with your take profit at 1.1688.