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We are neutral

We are neutral | 21 February 2022

21 February 2022, GBP/USD

We are neutral

Technical observation

GBP retraced to the supportive zone it established at 1.3522-1.3510 then rose steadily up to the resistance level 1.3641. At this line price could not rise any further instead it bounced at it and currently it is trading below the same level with an increasing bearish bias. This downwards movement is a correction to the zone I have mentioned above and I expect a decline and a bounce within it to re-buy GBP with my take profit at 1.3641 and stop loss at 1.3449. In case of a clear breakout above the level 1.3641 with a big green candle, further bullish movements can be anticipated after a retracement to the broken level.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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