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Wait | 13 December 2021

13 December 2021, GBP/USD

Technical observation

Since it bounced at the supportive level 1.3194, GBP has been trading with an increasing bullish bias and this upwards movement is a correction to the resistance zone 1.3363-1.3352. My expectation is a continuation of this upwards movement to the zone 1.3363-1.3352 followed by a bounce within it to sell GBP with my take profit at 1.3194 and stop loss at 1.3426. In case price is not sustained below the zone mentioned above but instead it clearly breaks above it with a big green candle, I expect a possible surge to the upper side after retracement to the broken zone, on the other hand further bearish movements can be anticipated in case of a penetration below the level 1.3194.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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