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We are bearish

We are bearish | 03 May 2022

03 May 2022, GBP/USD

We are bearish

Technical observation

For the past two consecutive weeks GBP has been trading with an increasing bearish bias and this week I expect a continuation of this downwards movement towards the supportive level 1.2020.If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.2020 and stop-loss at 1.3749. A further surge to the lower side can be expected in case of a clear break below the supportive level 1.2020 followed by a retracement to it. As it is on the weekly chart above, bullish movements of price can only be expected should price rise above the resistance zone it established at 1.3418-1.3355.

Trade recommendation

Remain short with your take profit at 1.2020.

Imelda Maseno
Analyst of «FreshForex» company
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