Remain neutral. | 28 November 2022

Technical observation

GBP broke above the resistance zone 1.1690-1.1623 then pulled back to it once before rising and currently price is still trading with an increasing bullish bias however, I expect a loss of this upwards movement followed by a surge to the zone mentioned above. The expected bearish movement is a correction to the same zone and I expect a rejection of price within this zone to pick bullish positions with my take profit at 1.2650 and stop-loss at 1.1154. A further surge to the upper side can be expected in case of a clear break above the key level 1.2650 with a big green candle followed by a correction and a bounce at it.

Trade recommendation

Remain neutral.