17 August 2022, GBP/USD
Technical observation
Since it bounced within the zone 1.2636-1.2579 GBP has been trading with an increasing bearish bias and as long as price is sustained below this zone I expect it to plummet further. If you picked short positions within the zone indicated above after a bounce, remain in the trade with your take profit at 1.1410 and stop-loss at 1.3029, a further surge to the lower side can be expected in case of a clear break below the level 1.1410. On the other hand, if there is a clear break above the zone 1.2626-12579 with a big green candle, you can expect the value of GBP to ascend towards the resistance level 1.3680 or even higher to 1.5036.
Trade recommendation
Remain short with your take profit at 1.1410.
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