We are bearish towards 1.0363 | 03 November 2022

03 November 2022, GBP/USD

We are bearish towards 1.0363

Technical observation

GBP is trading with an increasing bearish bias below the resistance zone it established at 1.1690-1.1623 and as long as it is contained below this zone, I expect it to rally further to the lower side. If picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.0363 and stop-loss at 1.2046. In case of a penetration below the level 1.0363, I expect the value of this pair to plummet further; however, if there is a clear break above the zone 1.1690-1.1623, I anticipate possible bullish movement of price towards the resistance level 1.2650, or even higher to the level 1.3610.

Trade recommendation

Remain short with your take profit at 1.0363.

Imelda Maseno
Analyst of «FreshForex» company
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