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Sell GBP within 1.2177-1.2062

Sell GBP within 1.2177-1.2062 | 16 November 2022

16 November 2022, GBP/USD

Technical observation

Last week GBP rose with a big green candle and this week it also opened bullish and I expect to rally to the resistance zone it established at 1.2177-1.2062 followed by either a clear break above it with a big green candle, or a rejection of price within it. My advice, if there is a rejection within the zone indicated above, pick short positions within it with your take profit at 1.0368 and stop-loss at 1.2663 and in case of a clear break above the same zone with a big green candle, wait for a pullback and a rejection within it before you pick long positions towards the resistance level 1.4236 or even higher to the zone 1.6853-1.6725.

Trade recommendation

Sell GBP within 1.2177-1.2062 with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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