15 August 2022, GBP/USD
Technical observation
Since it bounced below the resistance zone 1.2319-1.2293, GBP has been trading with an increasing bearish bias and as long as it is sustained below this zone I expect this downwards movement to continue towards the key level 1.1777. If you picked short positions below the zone indicated above after a bounce, remain in the trade with your take profit at 1.1777 and stop-loss at 1.2429. In case of a break below the level 1.1777, I expect the value of GBP to plummet after a correction to the broken line; on the other hand, in case of a clear break above the zone 1.2319-1.2293, I expect possible bullish movements towards 1.2659.
Trade recommendation
Remain short with your take profit at 1.1777.
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