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Looking to sell within 1.3768-1.3737

Looking to sell within 1.3768-1.3737 | 26 July 2021

26 July 2021, GBP/USD

Technical observation

GBP penetrated below a supportive zone 1.3768-1.3737 with a big red candle then retraced to the just broken zone and it was contained below it, as long as price is trading below this zone, I expect it to plummet towards the supportive level 1.3277. Right now GBP is trading within the zone I have mentioned above with a big an increasing bearish bias and I expect it to continue to the further downwards; you can pick short positions now within the zone with your take profit at 1.3277 and stop loss at 1.3898. If you are a bit skeptic to pick short position now, wait for a second retracement to the zone 1.3768-1.3737 and a bounce within it to sell GBP.

Trade recommendation

Sell GBP within 1.3768-1.3737 with your take profit at 1.3277.

Imelda Maseno
Analyst of «FreshForex» company
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