04 October 2023, GBP/USD
Technical observation
GBP has been trading with an increasing bearish bias with the past two consecutive candles and today it could descend even further, however, I expect a possible loss of this downwards movement followed by a correction to the zone 1.2635-1.2589 and a possible rejection of price within it. My advice remain neutral and wait for a pullback to the zone I have indicated above then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.2890, if the price clearly penetrates below the level 1.1688 with a big red candle, I expect it to plunge further towards the supportive level 1.0363 or lower.
Trade recommendation
Remain flat.
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