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Wait for a correction to the level 1.1411

Wait for a correction to the level 1.1411 | 04 November 2022

04 November 2022, GBP/USD

Wait for a correction to the level 1.1411

Technical observation

GBP traded within a channel as indicated above then broke below the lower trend line with a big red candle, currently it is trading below this broken level with an increasing bearish bias, this upwards movement is a correction to the just broken level and my expectation is a rejection of price at it to pick short positions. My advice, remain neutral and wait for a correction to 1.1411 to sell GBP with your take profit at 1.0963 and stop-loss at 1.1526. In case of a clear break below the zone 1.0963-1.0931, wait for a pullback to it before you continue short towards the supportive level 1.0373 or lower. I can only recommend bullish positions above the level 1.1731.

Trade recommendation

Wait for a correction to the level 1.1411 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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