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Wait | 30 September 2021

30 September 2021, GBP/USD

Technical observation

GBP retraced to a resistance level it established at 1.3548 but could not break above it, price bounced at the line then declined steadily to the supportive level 1.3410 at which it could not penetrate below. Currently the value of this pair is trading with an increasing bullish bias and I expect a continuation of this upwards movement to the resistance level I mentioned above followed by a rejection at it to pick short positions with my take profit at the supportive level 1.3410 and stop loss at 1.3600. On the 4 hour chart above, as long as price is contained below the resistance level 1.3548, I can only recommend short positions for this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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