we are flat | 27 September 2022

Technical observation

Yesterday GBP sent a tail to the supportive level 1.0363 then closed red above it and today I expect a correction to the resistance zone price established at 1.1763-1.1690 and I would recommend that you remain flat and wait for a correction to the zone I have mentioned above then pick short positions within it after a bounce with your take profit at 1.0363 and stop-loss at 1.2143. A further momentum to the lower side can be expected in case of a clear breakout below the level 1.0363; however, if there is a clear break above the zone 1.1763-1.1690 with a big green candle, I expect possible bullish movements towards the resistance level 1.2650.

Trade recommendation

Remain flat.