24 August 2022, GBP/USD
Technical observation
The value of the pair on the weekly chart above has been trading with an increasing bearish bias for several weeks now, however, this week it opened bullish and I expect price to rally upwards for the rest of the week. Despite this upwards movement, I anticipate a possible momentum to the supportive level 1.1410 in the coming week, therefore if you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 1.1410 and stop-loss at 1.2967. As it is on the chart above, I can only recommend long positions in case of a break above the zone 1.2579-1.2636.
Trade recommendation
Remain bearish towards 1.1410.
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