22 November 2022, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias between the supportive zone it established at 1.1738-1.1723 and a resistance level 1.1966, this bearish movement is a correction to the zone I have mentioned above and I expect a possible rejection within it to pick bullish positions. My advice, remain neutral and wait for a correction to the zone indicated above then pick bullish position within it with your take profit at 1.1966 and stop-loss at 1.1640. If there is a clear break below the zone 1.1738-1.1723, you can expect the value of GBP to plummet after a pullback to the broken zone and bounce within it.
Trade recommendation
Remain flat.
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