Expecting a rally to 1.2688 | 07 Februari 2022

07 Februari 2022, GBP/USD

Expecting a rally to 1.2688

Technical observation

GBP retraced to the resistance zone 1.3610-1.3852 but could not break above it instead price bounced below the zone and last Friday it declined with a big red candle, I expect a continuation of this downwards movement to the supportive level 1.3206 followed by either a bounce at it or a clear breakout below it with a big red candle. If you picked short positions within the zone 1.3610-1.3852 after a bounce, remain short with your take profit at 1.3206 and stop loss at 1.3746. In case of a breach below the level 1.3206 with a big red candle, wait for a retracement to it before you continue short with this pair towards the lower supportive level 1.2688.

Trade recommendation

Remain short with your take profit at 1.2688.

Imelda Maseno
Analyst of «FreshForex» company
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