Remain short | 06 April 2022

06 April 2022, GBP/USD

Technical observation

GBP is on a clear downtrend on the 4 hour time frame as seen on the chart above. The price retraced to a resistance zone it established 1.3181-1.3166 then bounced below it and since then it has been trading with an increasing bearish bias. If you picked short positions after a bounce, remain in the trade with your take profit at 1.3001 and stop-loss at 1.3250. In case of a clear breakout below the level 1.3001 with a big red candle, I expect the value of this pair to descend further on the other hand, in case of a clear break above the zone 1.3181-3166 with a big green candle; I expect a surge to the upper side.

Trade recommendation

Remain bearish with your take profit at 1.3001.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus