Sell GBP within the zone 1.2663-1.2562 | 26 April 2023

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance zone 1.2663-1.2562 and I expect a rise to the same zone followed by either a rejection within it or a clear break above it with a big green candle. My advice, place a pending sell limit order within the zone I have indicated above with your take profit at 1.0368 and stop-loss at 1.3094, in case the price is not sustained below the zone 1.2663-1.2562 but clearly breaks above it, wait for a second pullback to the broken zone before you pick bullish positions towards the level 1.4236 or higher to 1.6725. A further surge to the lower side can be expected in case of a break below the level 1.0368.

Trade recommendation

Sell GBP within the zone 1.2663-1.2562 with your take profit at 1.0368.