25 April 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias below the resistance zone 1.2669-1.2609 and I expect a rise to the same zone followed by a possible bounced within it. My advice, remain flat and sell a rejection within the resistance zone 1.2669-1.2609 with your take profit at 1.1688 and stop-loss at 1.3026. If there is a clear break below the level 1.1688, I expect a correction and a bounce at the same level followed by a further surge to the supportive line 1.0363 or lower. However, if there is a penetration above the zone 1.2669-1.2609, I expect the price to ascend towards the key levels 1.3610 and 1.4376.
Trade recommendation
Sell GBP within the zone 1.2669-1.2609 with your take profit at 1.1688.
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