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Expecting a rally to the level 1.1775

Expecting a rally to the level 1.1775 | 22 July 2022

22 July 2022, GBP/USD

Technical observation

GBP is trading with an increasing bearish bias below a resistance zone it established at 1.2048-1.2030 and my expectation is a continuation of this bearish movement to the supportive level 1.1775.If you are currently holding bearish positions, I would advise that you remain in the trade with your take profit at the level I have mentioned above and stop loss at 1.2152. Should there be a clear break below the level 1.1775 with a big red candle, continue short after a pullback to the broken line followed by a rejection at it and in case of a clear breakout above the zone 1.2048-1.2030, I expect price to ascend towards the resistance level 1.2658.

Technical observation

Remain short with your take profit at 1.1775.

Imelda Maseno
Analyst of «FreshForex» company
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