29 Julio 2022, GBP/USD
Technical observation
GBP rose up to the resistance zone 1.2186-1.2165 but could not break above it, instead, it bounced within the zone and is currently trading with an increasing bearish bias, as long as price is sustained below the zone mentioned above, I expect it to plummet towards the supportive level 1.1775 followed by either a clear break below it with a big red candle, or a rejection at it. If you picked short positions within the zone I have indicated above after a bounce, remain short with your take profit at 1.1775 and stop-loss at 1.2317. I can only recommend bullish positions in case of a clear penetration above the zone 1.2186-1.2165.
Trade recommendation
Remain short with your take profit at 1.1775.
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