We are short

29 November 2022, GBP/USD

Technical observation

GBP pulled back to resistance zone it established at 1.2186-1.2099 but did not break above it, instead it bounced at this zone and this week it opened bearish. As long as the value of the pair above remains below the zone I have mentioned above, I expect it to plummet further to the lower side and If you are currently holding short positions with GBP, my advice is, remain in the trade with your take profit at 1.0368 and stop-loss at 1.2630. You can continue short in case there is a clear break below the supportive level 1.0368. On the chat above, I can only recommend bullish positions above the zone 1.2186-1.2099.

Trade recommendation

Remain short with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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