Expecting a surge to 1.1991 | 23 Juni 2022

23 Juni 2022, GBP/USD

Expecting a surge to 1.1991

Technical observation

GBP is trading with an increasing bearish bias below the resistance zone it established at 1.2317-1.2301 and as long price is sustained below the same zone I expect a further momentum to the lower side. If you picked short positions within the zone I have indicated above remain in the trade with your take profit at 1.1991 and stop-loss at 1.2413. If price declines to the level 1.1991 and bounce at it, wait for another correction to the zone 1.2317-1.2301 to re-sell GBP, however, in case of a clear breakout above the zone I mentioned earlier, I expect the value of GBP to surge towards the key level 1.2599 or even higher.

Trade recommendation

Remain short with your take profit at 1.1991.

Imelda Maseno
Analyst of «FreshForex» company
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