We're bearish towards 1.2626 | 22 September 2020

22 September 2020, GBP/USD

We're bearish towards 1.2626

Technical observation

On the daily chart above, GBP is rallying downwards towards a supportive line 1.2626. I expect either a rejection at the line or a break below it for a further decline towards the supportive zone 1.2226-1.2194. If you sold GBP within the resistance zone 1.3006-1.2970 after a bounce, remain short with your take profit at 1.2626 and stop loss at 1.3166. In case of a clear break below the line 1.2626 with a big red candle, continue short with this pair towards the supportive zone 1.2226-1.2194 after a correction to the just broken line. Bullish movements can only be anticipated in case of a clear break above 1.3006-1.2970.

Trade recommendation

We are short with our take profit at 1.2626.

Imelda Maseno
Analyst of «FreshForex» company
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