Main >
Analytics
>
Fresh forecast
>
Forex Technical Analysis: Trend potential
>
Expecting a rally towards 1.2306.

Expecting a rally towards 1.2306. | 21 August 2023

21 August 2023, GBP/USD

Expecting a rally towards 1.2306.

Technical observation

On the chart above the value of GBP retraced to a resistance zone 1.2782-1.2795 then bounced within it and since then it has been trading with an increasing bearish bias, today I expect a further rally to the lower side and if you sold this pair within the zone indicated above remain in the trade with your take profit at 1.2306 and stop-loss at 1.2858. Should there be a clear breach below the key level 1.2306 with a big red candle, I expect the value of GBP to plunge towards the line 1.1807 or lower after a correction and a bounce at the broken level. On the chart above, I can only recommend bullish positions above the zone 1.2782-1.2795.

Trade recommendation

Remain short with your take profit at 1.2306.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Login

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.