we are flat | 18 November 2021

18 November 2021, GBP/USD

we are flat

Technical observation

GBP rose steadily to the resistance level 1.3506 and it is currently trading just below it with an increasing bullish bias. If you are currently holding long position with this pair, you can pick your profits now, or wait for a bounce at the level mentioned above to exit the trade, however, if you are currently neutral with this pair, you can anticipate either a clear break above the level 1.3506 with a big green candle, or a rejection of price at it followed by another correction to the supportive zone 1.3410-1.3405. In case of a break above the level 1.3506, buy GBP after a second retracement tot the line with your take profit at 1.3600 and stop loss at 1.34671.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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