Remain bullish with your take profit at 1.2541. | 18 April 2023

Technical observation

GBP retraced to a supportive level 1.2350 then bounced at it and it is currently trading with an increasing bullish bias. As long as the price is sustained above the level I expect a continuation of this upwards movement and in case you already picked bullish positions, I recommend you remain in the trade with your take profit at 1.2541 and stop-loss at 1.2285. If price clearly penetrates above the level 1.2541, I expect it to ascend further after a pullback to the broken line; on the other hand, in case of a clear break below the level 1.2350, i anticipate possible bearish movement towards the supportive zone 1.2188-1.2197.

Trade recommendation

Remain bullish with your take profit at 1.2541.