Remain neutral temporarily. | 12 April 2023

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance zone 1.2630-1.2774, this upwards movement is a correction to the zone I have mentioned above and I expect a possible rejection of price within it followed by a momentum to the lower side. My advice, place a pending sell limit order within the zone indicated above with your take profit at 1.0368 and stop-loss at 1.3186. In case of a break below the level 1.0368, I expect the price to decline further after a pullback to the broken line; on the other hand, in case of a clear break above the zone 1.2630-1.2774, I anticipate possible bullish movements.

Trade recommendation

Remain neutral temporarily.