We are bearish | 11 May 2022

11 May 2022, GBP/USD

We are bearish

Technical observation

GBP retraced to a resistance level 1.2637 but could not break above it and as long as it is sustained below the same line I expect bearish movements of price. If you picked short positions at the level mentioned above after a bounce, remain short with your take profit at 1.2099 and stop-loss at 1.2839. Should there be a clear break below the level 1.2099 with a big red candle, a further rally to the lower supportive level marked at 1.1436 can be anticipated after a correction to the broken line. As it is on the daily chart above, I can only recommend bullish positions in case of a clear breach above the key level 1.2637.

Trade recommendation

Remain flat.

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