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We're neutral

We're neutral | 11 October 2021

11 October 2021, GBP/USD

We're neutral

Technical observation

Last week GBP rose the resistance zone it established at 1.3661-1.3599 but could not break above it, price bounced within the same zone and it is currently trading with an increasing bullish bias within the same zone, I expect a loss of this bullish movement within the same zone followed by a rally to the lower side, however price can still penetrate above the same zone with a big green candle. My advice, remain flat and wait for a second correction to the zone 1.3661-1.3599 and a rejection within it to sell GBP with your take profit at 1.2565 and stop loss at 1.3914. I can only recommend bullish positions above the zone 1.3661-1.3599.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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