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We are bearish towards 1.1797

We are bearish towards 1.1797 | 02 October 2023

02 October 2023, GBP/USD

Technical observation

GBP pulled back to the resistance zone 1.2282-1.2269 then bounced within it and since then the value of this pair has been trading with an increasing bearish bias, as long as it is sustained below this zone I expect a further surge to the lower side. If you sold GBP within the zone I have mentioned above, remain in the trade with your take profit at 1.1797 and stop-loss at 1.2413, should there be a clear break below the level 1.1797 with a big a red candle, I expect the value of GBP to plunge further after a retracement and a bounce at the broken line, on the other hand, I expect bullish movements towards 1.2581 in case of a clear break above the zone 1.2282-1.2269.

Trade recommendation

Remain short with your take profit at 1.1797.

Imelda Maseno
Analyst of «FreshForex» company
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