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Bearish towards 1.2626

Bearish towards 1.2626 | 23 September 2020

23 September 2020, GBP/USD

Bearish towards 1.2626

Technical observation

Following its rejection within the resistance zone 1.3006-1.2970, GBP has been declining steadily and is currently rallying above a supportive level 1.2626 with an increasing bearish bias. I expect this downwards movement to continue to the support 1.2626 followed by either a clear breakout below it with a big red candle and a correction to it for a further decline in price towards the support 1.2226, or a bounce at the line followed by another correction to the above mentioned zone to resell GBP. My advice, if you sold GBP within the zone 1.3006-1.2970 after a bounce remain so and pick your profits at 1.2626.

Trade recommendation

Remain short and pick your profits at 1.2626.

Imelda Maseno
Analyst of «FreshForex» company
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