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We're short towards 1.3571

We're short towards 1.3571 | 24 August 2021

24 August 2021, GBP/USD

We're short towards 1.3571

Technical observation

GBP rose steadily to the resistance zone 1.3731-1.3722 then bounced within it as I had anticipated. Right now price is trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive level 1.3571 followed by either a clear breakout below it with a big red candle, or a rejection at it followed by another retracement to the zone I have mentioned above. If you sold GBP within 1.3731-1.3722 and are currently short, remain in the trade with your take profit at 1.3571 and stop loss at 1.3785. On the chart above, i can only recommend bullish positions I case of a clear break above the zone 1.3731-1.3722.

Trade recommendation

Remain bearish with your take profit at 1.3571.

Imelda Maseno
Analyst of «FreshForex» company
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