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Remain neutral temporarily.

Remain neutral temporarily. | 04 October 2022

04 October 2022, GBP/USD

Technical observation

GBP is trading with an increasing bullish bias slightly below the resistance zone 1.1459-1.1426 and I expect a rise to the zone indicated above followed by a bounce within it to pick short positions. My advice, remain neutral temporarily and wait for a correction to the zone 1.1459-1.1426 then sell a bounce within it with your take profit at 1.0402 and stop-loss at 1.1711. A further surge to the lower side can be expected in case of a clear break below the level 1.0402, on the other hand should there be a clear break above the zone 1.1459-1.1426, I expect price to rise towards the resistance level 1.1896 or even higher to 1.2278.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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