03 October 2022, GBP/USD
Technical observation
GBP retraced to the resistance zone it established at 1.1262-1.1221 and did not break above it, instead it bounced below the zone and as long as it is sustained below this zone I anticipate a momentum to the lower side. If you picked short positions at the level 1.1221 after a bounce, remain short with your take profit at 1.0361 and stop-loss at 1.1472, should there be a clear break below the level 1.0361 with a big red candle, wait for a correction to the broken line before you pick short position, however, if price penetrates above the zone 1.1262-1.1221, I expect the value of GBP to surge towards the resistance level 1.2278.
Trade recommendation
Remain short with your take profit at 1.0361.
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