11 May 2022, GBP/USD
Technical observation
GBP retraced to a resistance level 1.2637 but could not break above it and as long as it is sustained below the same line I expect bearish movements of price. If you picked short positions at the level mentioned above after a bounce, remain short with your take profit at 1.2099 and stop-loss at 1.2839. Should there be a clear break below the level 1.2099 with a big red candle, a further rally to the lower supportive level marked at 1.1436 can be anticipated after a correction to the broken line. As it is on the daily chart above, I can only recommend bullish positions in case of a clear breach above the key level 1.2637.
Trade recommendation
Remain flat.
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