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we are flat

we are flat | 24 November 2021

24 November 2021, GBP/USD

Technical observation

Just like EUR, GBP is descended up to a supportive level it established at 1.3341 but it could not break below it, price bounced at the level and then rose for some time and currently it is trading with an increasing bearish bias above the same level. However, I expect a loss of this bearish movement followed by a correction to the resistance zone 1.3466-1.3457 and a rejection within it. My advice, short GBP within the resistance zone after a bounce with your take profit at 1.3341 and stop loss at 1.3513. Should price break above the zone I have mentioned above with a big green candle, I expect it to ascend to the resistance level 1.3599.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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