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We are expecting a momentum towards 1.2235.

We are expecting a momentum towards 1.2235. | 22 September 2023

22 September 2023, GBP/USD

We are expecting a momentum towards 1.2235.

Technical observation

GBP has been trading with an increasing bearish bias for several days now and it is still rallying downwards slightly above the level 1.2235, today I expect a decline to the level indicated above followed by a possible rejection at it; if you are already holding short positions with this pair, pick your profits at the level 1.2235. In case of a bounce at the level 1.2235, wait for a correction to the resistance zone 1.2439-1.2426 to re-sell GBP with your take profit still at 1.2235 and stop-loss at 1.2485, on the other hand, if there is a decline below the level 1.2235, I expect the price to plunge further to the lower side.

Trade recommendation

Remain short with your take profit at 1.2235.

Imelda Maseno
Analyst of «FreshForex» company
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