We are short | 26 May 2023

26 May 2023, GBP/USD

We are short

Technical observation

This week the price opened bearish below the resistance zone 1.2662-1.2575 and as long as it is sustained below this zone, I expect it to decline further, My advice, if you sold this pair within the zone I have indicated above, remain short with your take profit at 1.0368 and stop-loss at 1.3091,if price clearly penetrates below the level 1.0368 with a big red candle, you can continue short after a pullback and a bounce at the broken line, however, in case of a clear break above the zone 1.2662-1.2575, I anticipate possible bullish movements towards the resistance levels 1.4236 or even higher to 1.6725.

Trade recommendation

Remain short with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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