Wait | 24 November 2022

Technical observation

GBP rose and broke above the resistance level 1.1963 with a big green candle and since then it has been rallying upwards, however, I expect a loss of this upwards movement followed by a pullback to the level indicated above and possible bounce at it. My advice, remain neutral and wait for a second correction to the level 1.1963 to pick bullish positions with your take profit at the level 1.2402 and stop-loss at 1.1934. If there is a clear break above the level 1.2402 with a big green candle, I expect a further rally to the upper side after a correction to the broken line, on the other hand, in case of a break below the level 1.2402, I expect bearish movement towards 1.1460.

Trade recommendation

Remain neutral