Wait | 05 August 2022
05 August 2022, GBP/USD
Technical observation
GBP declined to the supportive zone it establishes at 1.2084-1.2071 but could not break below it, instead it bounced within the same zone and since then it has been trading with an increasing bullish bias. My expectation is a further surge to the key level 1.2316 followed by a rejection at it to pick short positions with my take profit at 1.2084 and stop-loss at 1.2404. Should there be a clear break below the zone 1.2084-1.2071, I expect the value of the pair above to decline towards the supportive level 1.1775 or even lower. As long as price is sustained below the level 1.2084, I expect it to ascend towards the key level 1.2596.
Trade recommendation
Wait for a correction to the level 1.2316 to sell GBP.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
