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Remain neutral

Remain neutral | 29 December 2022

29 December 2022, GBP/USD

Technical observation

The general trend for the pair on the chart above is upwards, however, for several days now it has been trading with an increasing bearish bias and I expect it to continue further to the lower side. The anticipated downward movement of price is a correction to the supportive zone 1.1744-1.1714 and i expect a rejection within it followed by a momentum to the upper side. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 1.2335 and stop-loss at 1.1449. On the chart above I can only recommend short positions below the zone 1.1744-1.1714.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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