20 Abril 2022, GBP/USD
Technical observation
GBP retraced to the resistance zone it established at 1.3184-1.3208 then bounced within it and since then it has been trading with an increasing bearish bias. I expect a continuation of this bearish movement to the supportive level 1.2721 followed by either a clear break below it with a big green candle, or a rejection at it followed by another correction to the zone I mentioned earlier. If you are currently holding short positions with the pair above remain in the trade and pick your profits at 1.2721. In case of a break below 1.2721, you can expect a further surge towards the supportive level 1.2099 or even lower to 1.1436.
Trade recommendation
Remain short with your take profit at 1.2721.
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