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Expecting a rally to 1.1436

Expecting a rally to 1.1436 | 30 August 2022

30 August 2022, GBP/USD

Technical observation

GBP is trading with an increasing bearish bias above the supportive level 1.1436 and my expectation is a continuation of this downwards movement to the level mentioned above followed by either a rejection of price at it or a clear break below it. If you are currently holding short positions with the pair above remain in the trade and pick your profits at the level 1.1436, however, if you are neutral with GBP, I would advise that you wait for either another correction to the zone 1.2653-1.2612 to pick short positions or, a clear break below the level 1.1436 to sell GBP. I can only recommend bullish positions above the zone 1.2653-1.2612.

Trade recommendation

Remain short with your take profit at 1.1436.

Imelda Maseno
Analyst of «FreshForex» company
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