Remain bearish | 08 November 2023

08 November 2023, GBP/USD

Remain bearish

Trade recommendation

Just like EUR, GBP pulled back to a zone it established at 1.2416-1.2428 and it was sustained below this zone, currently the price is trading with an increasing bearish bias and if it is contained below the zone I mentioned above, I expect it to plunge further to the lower side. If you already picked short positions, remain bearish with your take profit at 1.2061 and stop-loss at 1.2511. If there is a clear breach below the level 1.2061, I expect the price to descend further after a retracement to the broken line, but if there is a breakout above the zone 1.2416-1.2428, I anticipate bullish movements towards 1.2800.

Trade recommendation

Remain bearish with your take profit at 1.2061.


The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
Imelda Maseno
Analyst of «FreshForex» company
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