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Wait | 16 September 2022

16 September 2022, GBP/USD

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Technical observation

GBP declined as I has anticipated and hit my take profit at the level 1.1428, currently price is trading at the level mentioned above and I expect either a clear break below it or a bounce at it. If there is a penetration below this level, wait for a correction and a rejection at it before you continue short with GBP, and in case of a rejection of price at it, wait for another correction to the resistance zone 1.1758-1.1739 to re-sell the pair above. As it is on the chart above, as long as price is sustained below the zone 1.1758-1.1739, I can only recommend short positions but if there is a clear break above this zone with a big green candle, I expect upwards movements towards 1.2317.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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