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Remain flat

Remain flat | 29 September 2021

29 September 2021, GBP/USD

Remain flat

Technical observation

GBP did not bounce within the supportive zone 1.3661-1.3599 as I had earlier predicted, instead, it is trading relatively below the same zone with an increasing bearish bias. I expect a slight continuation of this bearish movement below the same zone followed by a loss of it and a retracement to the broken zone to pick short positions with my take profit at 1.2565 and stop loss at 1.3960. On the weekly chart above, as long as price stays below the zone 1.3661-1.3599, I expect it to descend to the supportive level 1.2565 or even to the lower supportive level 1.1518. Right now as it is on the chart above remaining neutral is ideal than picking any positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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