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Remain short with your take profit at 1.0360

Remain short with your take profit at 1.0360 | 25 October 2022

25 October 2022, GBP/USD

Remain short with your take profit at 1.0360

Technical observation

GBP pulled back to a resistance zone 1.1483-1.1417 then bounced at it and since then it has been trading with an increasing bearish bias. As long as price is sustained below the zone I have mentioned above, I expect a continuation of this bearish movement to the supportive level 1.0360 followed by either a clear break below it with a big red candle or a rejection of price at it. If you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 1.0360 and stop-loss at 1.1903. On the chart above, I can only recommend bullish positions above the zone 1.1483-1.1417.

Trade recommendation

Remain short with your take profit at 1.0360 and stop-loss at 1.1903.

Imelda Maseno
Analyst of «FreshForex» company
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