Flat | 23 October 2020
23 October 2020, GBP/USD
Technical observation
Just like EUR, GBP went down yesterday and is still trading with an increasing bearish momentum. If you are currently flat with this pair, I would recommend you to remain so. I expect this bearish movement to continue to the supportive zone 1.2874-1.2830 followed by a clear bounce within it for bullish movements of price. However, should there be a clear break below the above zone 1.2874-1.2830 with a big red candle; you can anticipate a surge to the lower side after a correction to the just broken zone and a rejection within it. Right now on the daily chart above, only bullish positions look ideal.
Trade recommendation
Remain neutral.
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.
