01 August 2022, GBP/USD
Technical observation
GBP pulled back to the resistance zone it established at 1.2186-1.2165 but could not break above it and currently it is trading within the same zone with an increasing bullish bias. My expectation is a loss of this upwards movement within the zone I have indicated above followed by bearish movements of price. My advice, pick short positions now within the zone 1.21861.2165 with your take profit at 1.1775 and stop-loss at 1.2318. If this take profit is hit and there is a penetration below it with a big red candle, you can expect a further surge to the lower side after a correction of price to the broken line and a rejection at it.
Trade recommendation
Sell GBP now with your take profit at 1.1775.
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