Remain bearish | 21 September 2022

Technical observation

GBP bounced within the resistance zone 1.1457-1.1446 as I had predicted yesterday then rallied with an increasing bearish bias towards the supportive level 1.1347, it is currently trading slightly above this level and if there is a decline of price to it I expect either a rejection at it or a clear break below it with a big red candle, If you currently short with the pair above, remain in the trade and pick your profits at 1.1347. In case there is a rejection at the level 1.1347, wait for another correction of price to the zone I mentioned earlier to re-sell GBP. As it is on the chart above, I can only recommend long positions in case of a break above the zone 1.1457-1.1446.

Trade recommendation

Remain bearish with your take profit at 1.1347.