Looking to sell within 1.1474-1.1427 | 24 October 2022

Technical observation

On the 4 hour chart above price is trading with an increasing bullish bias slightly below the resistance zone it established at 1.1474-1.1427, this upwards movement is a correction to the zone indicated above and I expect a possible rejection of price within it. My advice, remain flat temporarily and wait for a correction to the zone mentioned above then sell a bounce within it with your take profit at 1.0887 and stop-loss at 1.1646. In case of a clear break below the level 1.0887 with a big red candle, I expect the value of GBP to plummet further towards the level 1.0361. I can only recommend bullish positions above the zone 1.1474-1.1427.

Trade recommendation

Remain flat temporarily.