We are long | 18 November 2022

Technical observation

Just like EUR, GBP pulled back to a supportive zone 1.1738-1.1700 but did not break below it, instead it bounced within this zone and since then it has been trading with an increasing bullish bias. Today I expect a continuation of this upwards movement to the resistance level 1.2278 followed by either a clear break above it with a big green candle, or a rejection of price at it. If you bought this pair within the zone indicated above, I recommend that you remain bullish with your take profit at 1.2278 and stop-loss at 1.1440. In case of a break above the level 1.2278, continue long towards the resistance level marked at 1.2652

Trade recommendation

Remain bullish with your take profit at 1.2278.