13 May 2022, GBP/USD
Technical observation
GBP retraced to the resistance level 1.2635 for a second tine and it was sustained below it, since then this pair has been trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive level 1.2099 followed by either a clear breach below the same line or a rejection at it followed by another correction to the key level 1.2635. If you picked short positions at the level 1.2635, remain in the trade with your take profit at 1.2099 and stop-loss at 1.2836. Should there be a clear penetration below the level 1.2099, I expect the value of this pair to plummet further towards the level 1.1436.
Trade recommendation
Remain short with your take profit at 1.2099.
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