06 May 2022, GBP/USD
Technical observation
On the daily chart above, price retraced to the resistance level it established at 1.2637 but could not break above it and as long as it is sustained below this level, I expect it to surge further downwards. My advice, if you picked short positions at the level 1.2637 after a bounce, remain in the trade with your take profit at 1.2099 and stop-loss at 1.2822. Should there be a clear break below the supportive level 1.2099 with a big red candle, I expect price to plummet towards the lower level marked at 1.1436, on the other hand if price breaks above the level 1.2637, I expect it to rise towards the resistance level 1.3184.
Trade recommendation
Remain short with your take profit at 1.2099.
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