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Wait for a pullback to 1.3546-1.3534 to sell GBP.

Wait for a pullback to 1.3546-1.3534 to sell GBP. | 08 November 2021

08 November 2021, GBP/USD

Wait for a pullback to 1.3546-1.3534 to sell GBP.

Technical observation

GBP declined massively with a big red candle breaking below a supportive zone 1.3546-1.3534, right now price is trading with an increasing bullish bias below the just broken zone and I expect a further rise to the same zone followed by a rejection within it and a momentum to the lower side. My advice, remain neutral temporarily and wait for a pullback to the zone 1.3546-1.3534 then pick short positions within it with your take profit at 1.3411 and stop loss at 1.3593. As long as GBP is trading below the zone 1.3546-1.3534, I can only recommend picking bearish positions, however, in case of a clear break above the same zone, I expect price to ascend towards the key level 1.3686.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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