Wait for a correction to the zone 1.2207-1.2186 | 11 April 2023

Technical observation

GBP has been trading with an increasing bullish bias for some time now and my expectation is a loss of this upwards movement followed by a pullback to the supportive zone 1.2207-1.2186. Right now as it is on the chart above, I recommend that you remain flat and wait for a correction to the zone I mentioned earlier, and then buy a bounce within it with your take profit at 1.2545 and stop-loss at 1.2086. If there is a clear break below the zone 1.2207-1.2186, wait for a correction to it before you continue short with this pair, on your way downwards the key levels to look for include 1.1797 and the level 1.1336.

Technical observation

Wait for a correction to the zone 1.2207-1.2186 to buy GBP.