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Expecting a surge to 1.1410

Expecting a surge to 1.1410 | 31 August 2022

31 August 2022, GBP/USD

Expecting a surge to 1.1410

Technical observation

For the past two consecutive weeks GBP has been trading with an increasing bearish bias and this week I expect a continuation of this downwards movement of price. If you are currently holding short positions with the pair above, I would advise that you remain in the trade with your take profit at 1.1410 and stop-loss at 1.2973. In case of a clear break below the level 1.1410, continue short after a correction and a rejection of price at it, but if there is a clear penetration above the zone 1.2579-1.2636 with a big green candle, pick bullish positions towards the resistance level 1.4627 after a correction to the broken zone.

Trade recommendation

Remain bearish with your take profit at 1.1410.

Imelda Maseno
Analyst of «FreshForex» company
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