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Remain short

Remain short | 19 May 2023

19 May 2023, GBP/USD

Remain short

Technical observation

Since it bounced within the zone 1.2669-1.2609 GBP has been trading with an increasing bearish bias and as long as it is sustained below the same zone I expect a continuation of this downwards movement. If you already sold GBP within the zone indicated above, I recommend that you remain bearish with your take profit at 1.1688 and stop-loss at 1.0363. In case of a break below the level 1.1688 with a big red candle, I expect the value of this pair to plunge towards the lower supportive level marked at 1.0363, Right now as it is on the on the chart above, only short positions are ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 1.1688.

Imelda Maseno
Analyst of «FreshForex» company
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