23 September 2022, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias slightly above the supportive level 1.1209, however, I expect a loss of this downwards movement followed by a correction to the zone 1.1445-1.1457 and I would recommend that you remain flat with the pair above and wait for a retracement to the zone I mentioned earlier then sell a bounce within it with your take profit at 1.1209 and stop-loss at 1.1534. If there is a clear break below the level 1.1209, I expect price to plummet further after a correction to the broken line, on the other hand in case of a break above the zone 1.1445-1.1457, I expect the value of GBP to rise towards the level 1.1737.
Trade recommendation
Remain neutral.
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