05 September 2022, GBP/USD
Technical observation
GBP declined to the supportive level 1.1494 but could not break below it, instead it bounced at the same line and this week I expect bullish movements of price, the anticipated upward momentum of price is a correction to the resistance level 1.1853 and I would advise that you remain flat and wait for a pullback to the level 1.1853 then sell a bounce at it with your take profit at 1.1494 and stop-loss at 1.1943, if price beaks below the level 1.1494, I expect the value of GBP to plummet further after a correction to the broken line. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.2327-1.2293.
Trade recommendation
Remain neutral.
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