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We are flat

We are flat | 27 October 2023

27 October 2023, GBP/USD

Technical observation

Just like EUR the value of GBP is trading with an increasing bullish bias between a supportive level 1.0877 and a resistance zone 1.4343-1.4254, next week I anticipate a further momentum to the zone indicated above followed by either a bounce within it or a clear break above it with a big green candle, my advice, remain flat and wait for a retracement to the zone 1.4343-1.4254 then re-sell a bounce within it with your take profit at 1.0877 and stop-loss at 1.5012. However, if the price ascends above this zone, wait for a retracement to it before you pick bullish positions towards the key level 1.7195 or higher.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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