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we are bearish towards 1.0888

we are bearish towards 1.0888 | 12 October 2022

12 October 2022, GBP/USD

we are bearish towards 1.0888

Technical observation

GBP is trading slightly above the supportive level 1.888 and i expect a decline to this level followed by either a clear break below it or a bounce at it. If you are currently holding short positions with this pair, you can pick your profits now or remain short temporarily and pick your profits at the level mentioned above. In case of a clear penetration below the level 1.0888, I expect the value of GBP to plunge towards the supportive level 1.0365 after a correction to the broken line, however, if price is rejected at the level 1.0888, wait for a pullback to the resistance zone 1.1460-1.1427 then re-sell this pair within it after a bounce.

Trade recommendation

Remain short with your take profit at 1.0888.

Imelda Maseno
Analyst of «FreshForex» company
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