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Wait | 16 September 2021

16 September 2021, GBP/USD

Technical observation

GBP retraced to the supportive zone 1.3796-1.3789 but could not bread below it, it bounced within the zone and then rose steadily for some time. Right now price is trading with an increasing bearish bias between the supportive zone I have mentioned above and a resistance level 1.3902. In case there is a continuation of this bearish movement to the zone 1.3796-1.3789, buy a bounce within it with your take profit at 1.3902 and stop loss at 1.3755. Should there be a clear breakout below the zone mentioned above with a big red candle, I anticipate a surge to the lower supportive level 1.3681 after a pullback to the broken zone.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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