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Wait | 21 November 2023

21 November 2023, GBP/USD

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Technical observation

GBP is trading with an increasing bullish bias between the supportive zone 1.1865-1.1826 and a resistance level 1.3131, however, I expect a loss of this upwards movement followed by a correction to the zone indicated above and a possible rejection of price within it or a clear break below it with a big red candle. My advice, remain neutral and wait for a correction to the zone 1.1865-1.1826 then buy a bounce within it with your take profit at the level 1.3131 and stop-loss at 1.1545. In case of a clear break above the level 1.3131, I expect the value of GBP to ascend further towards 1.4236 or higher.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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