GBPUSD – Flat
Technical observation
GBP retraced to the resistance zone 1.2071-12053 but could not break above it; instead price bounced within the same zone and is currently trading with an increasing bearish bias. As long as the value of GBP is sustained below the zone I mentioned earlier, I expect a continuation of this downwards movement towards the supportive level 1.1775. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1775 and stop-loss at 1.2166. In case this take profit is hit and there is a clear penetration below it with a big red candle, I expect the value of GBP to surge further the lower side.
Trade recommendation
Remain bearish with your take profit at 1.1775.
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