we're bearish towards 1.2192

30 June 2020, GBP/USD

we're bearish towards 1.2192

Technical observation

On the chat above, price has been declining steadily and is currently trading above a supportive zone 1.2192-1.2161. If you sold this pair within the zone 1.2634-1.2601, hold on to that position and pick your profits at the supportive line 1.2192. My expectation is a loss of this bearish rally within the zone 1.2192-1.2161. However, in case price does not bounce within it and instead penetrates below with a big red candle, wait for a pullback to the just broken zone and a rejection within it to confirm a further surge to the lower side before you sell GBP with your take profit at 1.1464 and stop loss at 1.2343.

Trade recommendation

Remain short with your take profit at 1.2192.

Imelda Maseno
Analyst of «FreshForex» company
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