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Expecting a rally to 1.2982

Expecting a rally to 1.2982 | 13 April 2022

13 April 2022, GBP/USD

Expecting a rally to 1.2982

Technical observation

GBP retraced to a resistance zone it established at 1.3050-1.3054 but could not break above it, instead it bounced below the zone and since then it has been trading with an increasing bearish bias, I expect a continuation of this downwards movement to the supportive level 1.2982 followed by either a clear breakout below it or a bounce at it. If you are currently short with the pair above, remain in the trade with your take profit at 1.2982 and stop loss at1.3077. In case of a break below the level 1.2982, I expect a possible further surge to the lower side. I can only recommend bullish positions above the zone 1.3050-1.3054.

Trade recommendation

Remain short with your take profit at 1.2982.

Imelda Maseno
Analyst of «FreshForex» company
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