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We are neutral.

We are neutral. | 29 September 2022

29 September 2022, GBP/USD

We are neutral.

Technical observation

Just like EUR, GBP also bounced at a supportive level it established at 1.0365 and since then it has been trading with an increasing bullish bias and today expect possible further surge to the upper side. My advice, wait for a correction to the resistance zone 1.2024-1.2107 then sell a bounce within it with your take profit at 1.0365 and stop-loss at 1.2632. As it is on the chart above, a further surge to the lower side can be expected in case of a penetration below the level 1.0365; on the other hand in case of a break above the zone 1.2024-1.2107, I anticipate bullish movements of price to the upper side toward the level 1.4236.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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