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We are flat

We are flat | 11 October 2023

11 October 2023, GBP/USD

We are flat

Technical observation

Since it bounced at the supportive level 1.1307, GBP has been trading with an increasing bullish bias and this week it continues to rise further, this upwards movement is a pullback to the resistance zone 1.4137-1.4250 and I expect a possible rejection within it followed by a surge to the lower side. My advice, remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1307 and stop-loss at 1.4762. If there is a clear break below the level 1.1307, I expect the value of GBP to plummet towards the level 1.0368; on the other hand, I expect bullish movements above the zone 1.4137-1.4250.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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