Place a pending sell limit order within 1.3717-1.3708 | 04 November 2021

Technical observation

GBP has been rising steadily for several hours now towards the resistance zone it set up at 1.3717-1.3708, this upwards movement is a pull back to the same zone and I expect a rejection of price within it for a momentum to the lower side. My advice, place a pending sell limit order right now within the zone I have stated above with your take profit at 1.3546 and stop loss at 1.3758. If price penetrates above the 1.3717-1.3708 with a big green candle, wait for a correction to the broken zone and a rejection within it confirming a possible upwards movement of price before you pick long positions with your take profit at the resistance level 1.3881.

Trade recommendation

Place a pending sell limit order within 1.3717-1.3708 with your take profit 1.3546.