02 September 2022, GBP/USD
Technical observation
GBP declined to the supportive level 1.1521 but could not break below it, instead it bounced at the same level and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone price established at 1.1738-1.1726 and I expect a rejection within it to pick short positions with my take profit at 1.1521 and stop-loss at 1.1800. If there is a clear break below the level 1.1521, I expect the value of GBP to plummet further after a correction to the broken line, but should there be a rise above the zone I have mentioned above, I anticipate bullish movements towards the key level 1.1925 or even higher to 1.2147.
Trade recommendation
Wait for a correction to the zone 1.1738-1.1726 to sell GBP.
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