Expecting a rally to 1.0363 | 11 November 2022

Technical observation

GBP pulled back to the resistance zone 1.1716-1.1623 and bounced within it as I previously predicted. Today price is trading with an increasing bearish bias and as long as it sustained below this zone, I expect a continuation of this downwards movement towards the supportive level 1.0363. My advice, if you sold a bounce within the zone indicated above; remain in the trade with your take profit at 1.0363 and stop-loss at 1.2118. If there is a clear break below the level 1.0363 with a big green candle, continue short after a correction and a rejection at the broken line. As it is in on the daily chart above, I can only recommend bullish positions in case of a break above the zone 1.1716-1.1623.

Trade recommendation

Remain short with your take profit at 1.0363.