Pick short positions within the zone 1.2669-1.2609 | 08 May 2023

Technical observation

Just like EUR, value of the commodity on the chart above is trading with an increasing bullish bias within the zone it established at 1.2669-1.2609 and my expectation is a rejection of price within this zone followed by a momentum to the lower side. As it is on the chart above, I recommend you pick short positions now within the zone 1.2669-1.2609 with your take profit at 1.1688 and stop-loss at 1.3017. If there is a clear break below the level 1.1688, I expect the price to plunge towards the level 1.0363, on the other hand, I expect GBP to ascend towards level 1.3610 should there be a clear break above the zone 1.2669-1.2609.

Trade recommendation

Pick short positions within the zone 1.2669-1.2609 with your take profit at 1.1688.