Remain neutral temporarily. | 14 April 2023

Technical observation

GBP is pulling back to the resistance zone 1.2669-1.2609 and I expect a rise to the same zone followed by either a bounce within it or a clear break above it with a big green candle. My advice, remain neutral temporarily and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.3028. In case of a clear break below the level 1.1688, I expect the price to plunge towards the level 1.363 on the other hand, in case of a break above the zone 1.2669-1.2609; I anticipate possible bullish movements of price towards the resistance level 1.3610 or even higher to 1.4376.

Trade recommendation

Remain neutral temporarily.