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Expecting a surge towards 1.3206

Expecting a surge towards 1.3206 | 06 January 2022

06 January 2022, GBP/USD

Expecting a surge towards 1.3206

Technical observation

GBP rose steadily to the resistance zone 1.3593-1.3563 but could not break above it, instead, it bounced within the zone and currently it is trading with an increasing bearish bias. I expect continuation of this bearish movement to the supportive level 1.3206 followed by either a bounce at it or a clear breakout below it with a big red candle. If you are currently holding short positions with this pair, remain in the trade with your take profit at 1.3206 and stop loss at 1.3734. In case of a clear break below the level 1.3206, wait for a correction to the line and bounce at it before you continue short towards lower supportive level 1.2688.

Trade recommendation

Remain short with your take profit at 1.3206.

Imelda Maseno
Analyst of «FreshForex» company
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