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Remain bullish

Remain bullish | 20 November 2023

20 November 2023, GBP/USD

Remain bullish

Technical observation

GBP pulled back to the supportive zone 1.2415-1.2395 for a second time then bounced within it and since then it has been trading with an increasing bullish bias. Today I expect a continuation of this upwards movement and if you are already holding bullish positions, I recommend that you remain in the trade with your take profit at 1.2817 and stop-loss at 1.2317. In case of a clear breach above the level 1.2817, wait for a retracement to this line before you continue long towards 1.3138, if the price declines below the zone 1.2415-1.2395, I expect a plunge towards supportive level 1.2060 or lower.

Trade recommendation

Remain bullish with your take profit at 1.2817.

Imelda Maseno
Analyst of «FreshForex» company
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