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We're neutral temporarily

We're neutral temporarily | 14 October 2021

14 October 2021, GBP/USD

We're neutral temporarily

Technical observation

On the daily chart above, yesterday price retraced to a resistance zone 1.3654-1.3627 but could not break above it, however, today's candle has risen slightly above the same zone and is showing signs of rising even further. Despite this candle trading above the zone 1.3654-1.3627, there is still a possibility of it closing below or within the zone 1.3654-1.3627. In case of a clear break above the resistance zone with a big green candle, wait for a second correction to the same zone and buy a bounce within it with your take profit at 1.4210. However, if GBP is contained below the resistance zone 1.3654-1.3627, I expect price to plummet to the supportive level 1.3155.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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