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Buy GBP within 1.3758-1.3749

Buy GBP within 1.3758-1.3749 | 26 October 2021

26 October 2021, GBP/USD

Technical observation

Yesterday I expected GBP to rise steadily towards the resistance level 1.3883 however, price rose for some time then retraced to the supportive zone 1.3758-1.3749. Right now GBP is trading with an increasing bearish momentum within the same zone and I expect a rejection of price within it followed by a momentum to the upper side. My advice, buy a bounce within the zone 1.3758-1.3749 with your take profit at 1.3883 and stop loss at 1.3707. In case of a clear breakout above the level 1.3883, I expect a further surge to level 1.3982, on the other hand, in case of a clear breakout below the zone 1.3758-1.3749 with a big red candle, I expect price to plummet to the supportive level 1.3560.

Technical observation

Buy GBP within 1.3758-1.3749 with your take profit at 1.3883.

Imelda Maseno
Analyst of «FreshForex» company
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