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Wait for a pullback to the level 1.3547

Wait for a pullback to the level 1.3547 | 05 November 2021

05 November 2021, GBP/USD

Wait for a pullback to the level 1.3547

Technical observation

Just like EUR, GBP declined steadily as I had predicted yesterday and even hit our take profit at the level 1.3547 price then broke below the same line with a big red candle ad as long as GBP is contained below the line I expect it to decline further towards the supportive level 1.3411. Right now as it is on the chart above, I expect a correction to the key level 1.13547 and a rejection at it to sell GBP with my take profit at 1.3411 and stop loss at 1.3593. Should there be a clear breakout below the supportive level 1.3411 with a big red candle, I expect the value of this pair to plummet further after a pullback to the broken line and a bounce at it.

Trade recommendation

Wait for a correction to the level 1.3547 to sell GBP with your take profit at 1.3411.

Imelda Maseno
Analyst of «FreshForex» company
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