26 August 2022, GBP/USD
Technical observation
On the chart above, price declined to the supportive 1.1724 then bounced at it and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the zone 1.2661-1.2605 and I expect a rejection of price within it to pick short positions with my take profit at 1.1724 and stop-loss at 1.2851. If there is a clear break above the zone 1.2661 -1.2605 with a big green candle, I expect the value of GBP to ascend towards the resistance level 1.2178 after a correction to the broken zone. A further surge to the lower side can be expected in case of a clear breakout below the supportive level 1.1724.
Trade recommendation
Remain flat.
en 
id 
ar 
ru 
vn 
es 
pt 
kz 
ua 
tj 
uz 
az 
ms 