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Expecting GBP to plummet towards 1.1775

Expecting GBP to plummet towards 1.1775 | 09 August 2022

09 August 2022, GBP/USD

Expecting GBP to plummet towards 1.1775

Technical observation

For the past days GBP has been trading with an increasing bearish bias below a resistance zone it established at 1.2318-1.2298 and this today I expect a further momentum to the lower side. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1775 and stop-loss at 1.2427. If there is a clear break below the level 1.1775 with a big red candle, you can expect the value of GBP to plummet further to the lower side after a correction to the broken line. As it is on the chart above, as long as price is sustained below the zone 1.2318-1.2298, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 1.1775.

Imelda Maseno
Analyst of «FreshForex» company
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