remain bearish towards 1.0368 | 16 Mei 2023

16 Mei 2023, GBP/USD

remain bearish towards 1.0368

Technical observation

GBP bounced within the resistance zone 1.2653-1.2575 and last week it declined with a big red candle, this week, as long as the price is contained below the same zone I expect it plummet further to the lower side. In case you already sold GBP, my advice is, remain in the trade with your take profit at 1.0368 and stop-loss at 1.3068. I anticipate a further surge to the lower side in case of a break below the level 1.0368, on the other hand, should there be a clear penetration above the resistance zone 1.2653-1.2575 with a big green candle, I expect the value of GBP to ascend towards the key level 1.4771 or even higher to 1.7153.

Trade recommendation

Remain bearish with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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