Sell GBP within the zone 1.2575-1.2663 | 13 June 2023

Technical observation

GBP retraced to the resistance zone 1.2575-1.2663 but could not break above it, instead it bounced within the same zone and it is currently trading with an increasing bearish bias. As long as the price is sustained below this zone, I expect a further surge to the lower side. My advice, sell GBP now within the zone 1.2575-1.2663 with your take profit at 1.0368 and stop-loss at 1.3092. If there is a clear break below the level 1.0368, wait for a correction to the broken line and a rejection at it before you continue short, however, if the price penetrates above the zone I mentioned earlier, wait for a correction to it before you pick bullish positions towards 1.4236.

Trade recommendation

Sell GBP within the zone 1.2575-1.2663 with your take profit at 1.0368.