Expecting a rally to 1.0966 | 14 November 2022

Technical observation

On the chart above, price pulled back to the resistance zone 1.1830-1.1856 but did not break above it, instead it was sustained below this zone and as long as it remains below it, I expect the value of GBP to rally to the lower side. If you sold this pair within the zone indicated above after a bounce, I advise that you remain in the trade with your take profit at 1.0966 and stop-loss at 1.2053. A further surge towards the supportive level 1.0397 can be expected in case of a clear break below 1.0966 with a big red candle, followed by a correction and a rejection of price at it. I can only recommend bullish positions above the zone 1.1830-1.1856.

Technical observation

Remain short with your take profit at 1.0966.