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we are flat

we are flat | 25 Agustus 2022

25 Agustus 2022, GBP/USD

we are flat

Technical observation

GBP is trading with an increasing bullish bias above the supportive level 1.1758, this upwards movement is a correction to the zone price established at 1.2070-1.2054 and I expect a bounce within it to pick short positions with my take profit at 1.1758 and stop-loss at 1.2142. If there is a clear break below the level 1.1758 with a big red candle, I expect the value of the pair above to descend further after a pullback to the broken line. As long as GBP is sustained below the zone indicated above, I expect it to plummet further downwards; a momentum to the upper side can only be expected in case of a clear break above the same zone.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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