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Expecting a rally towards 1.0368

Expecting a rally towards 1.0368 | 02 May 2023

02 May 2023, GBP/USD

Expecting a rally towards 1.0368

Technical observation

GBP is trading with an increasing bearish bias below the resistance zone it established at 1.2575-1.2663 and as long it is sustained below the same zone; I expect the price to plummet further to the lower side. If you already sold this pair, I recommend you remain short and pick your profits at the level 1.0368 with your stop-loss at 1.3106. In case of a penetration below the level 1.0368, I expect a further momentum to the lower side; on the other hand, if the price clearly breaks above the zone I mentioned earlier with a big green candle, I expect the value of this pair to ascend towards the key levels 1.4236 and 1.6725.

Trade recommendation

Remain short with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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