Looking to sell within the zone 1.2669-1.2609 | 05 May 2023

Technical observation

GBP is trading with an increasing bullish bias below the resistance zone 1.2669-1.2609 and I expect a loss of this upwards movement within the same zone followed by a surge to the lower side. Right now, I recommend you sell a bounce within the zone indicated above with your take profit at 1.1688 and stop-loss at 1.3061. In case of a break below the level 1.1688, you can expect the value of GBP to plummet towards the supportive level 1.0363 or lower, but if the price rises above the zone 1.2669-1.2609, I expect it to continue with the bullish momentum towards the resistance levels 1.3610 0r higher to 1.4376.

Trade recommendation

Sell GBP within the zone 1.2669-1.2609 with your take profit at 1.1688.