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Sell GBP within the zone 1.2662-1.2575

Sell GBP within the zone 1.2662-1.2575 | 10 May 2023

10 May 2023, GBP/USD

Sell GBP within the zone 1.2662-1.2575

Technical observation

On the weekly chart above, GBP retraced to a resistance zone 1.2662-1.2575 then bounced within it and since then it has been trading with an increasing bearish bias, this week I anticipate a further momentum to the lower side and my advice is, sell GBP within the zone indicated above with your take profit at 1.0368 and stop-loss at 1.3053. Should there be a clear break below the level 1.0368, you can expect the price to plunge further to the lower side; however, if there is a clear penetration above the zone 1.2662-1.2575, I expect the value of GBP to ascend towards the resistance levels 1.4236 or higher to 1.6725.

Trade recommendation

Sell GBP within the zone 1.2662-1.2575 with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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