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Expecting a momentum to 1.2020

Expecting a momentum to 1.2020 | 10 May 2022

10 May 2022, GBP/USD

Expecting a momentum to 1.2020

Technical observation

GBP has been declining steadily for several weeks now as it is on the weekly chart above and this week I expect a continuation of this bearish movement towards the supportive level 1.2020. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.2020 and stop-loss at 1.3749. Should there be a clear break below the level 1.2020, I expect a further momentum to the lower supportive level marked at 1.1404. As it is on the weekly chart above, as long as the value of GBP is sustained below the resistance zone it established at 1.3418-1.3355 I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 1.2020.

Imelda Maseno
Analyst of «FreshForex» company
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