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We are short towards 1.0363

We are short towards 1.0363 | 21 October 2022

21 October 2022, GBP/USD

We are short towards 1.0363

Technical observation

GBP retraced to a resistance zone it established at 1.1483-1.1410 then bounced within it and since then it has been trading with an increasing bearish bias, as long as the value of the pair above is sustained below the zone I have mentioned above, I expect a possible further surge to the lower side. If you are currently holding short positions with GBP, I would recommend that you remain in the trade with your take profit at the level 1.0363 and stop-loss at 1.1837. Should there be a clear break below the level 1.0363 with a big green candle, wait for a correction and a rejection of price at it before you continue short with this pair.

Trade recommendation

Remain short with your take profit at 1.0363.

Imelda Maseno
Analyst of «FreshForex» company
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