Wait for a pullback to the zone 1.1690-1.1623 | 17 November 2022

Technical observation

GBP broke above the zone 1.1690-1.1623 then pulled back and a bounced within it, currently price is trading with an increasing bullish bias and I expect it to rally further upwards towards the resistance level 1.2650 followed by either clear break above it with a big green candle, or a rejection of price at it. My advice, remain flat and wait for a second correction to the zone indicated above then buy a bounce within it with your take profit at the level 1.2650 and stop-loss at 1.1155. On the daily chart above, as long as the value of GBP is sustained above the zone 1.1690-1.1623, I can only recommend bullish positions for this pair.

Trade recommendation

Wait for a pullback to the zone 1.1690-1.1623 to buy GBP.