03 May 2023, GBP/USD
Technical observation
GBP is retracing to the resistance zone it established at 1.2669-1.2609 and I expect a rejection of price within the same zone followed by a rally to the lower side. My advice, remain neutral and wait for a bounce within the zone I have mentioned above to pick short positions with your take profit at 1.1688 and stop-loss at 1.3030. If the price clearly breaks below the level 1.1688 with a big red candle, wait for a correction and a rejection at it before you continue short towards the level 1.0363, on the other hand, should there be a clear break above the zone 1.2669-1.2609, I anticipate possible bullish movements towards the level 1.3610.
Trade recommendation
Sell GBP within the zone 1.2669-1.2609 with your take profit at 1.1688.
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