03 мая 2022, GBP/USD
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 towards the supportive level 1.2020.If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.2020 and stop-loss at 1.3749. A further surge to the lower side can be expected in case of a clear break below the supportive level 1.2020 followed by a retracement to it. As it is on the weekly chart above, bullish movements of price can only be expected should price rise above the resistance zone it established at 1.3418-1.3355.
Trade recommendation
Remain short with your take profit at 1.2020.
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