Remain flat temporarily. | 10 April 2023

Technical observation

On the daily chart above, GBP is trading with an increasing bearish bias slightly below the resistance zone 1.2669-1.2609 and I expect a loss of this downwards movement followed by a rise to the zone indicated above. My advice, remain neutral temporarily and wait for a pullback to the zone 1.2669-1.2609 then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.3035, you can also place a pending sell limit order within the same zone with your take profit still at 1.1688. If price declined below the level 1.1688, I expect it to descend further towards the supportive level 1.0363 or lower.

Trade recommendation

Remain flat temporarily.