We are flat | 23 October 2023

23 October 2023, GBP/USD

We are flat

Technical observation

On the weekly chart above, the price bounced at the supportive level 1.0877 and since then it has been trading with an increasing bullish bias, this week I expect a further surge to the resistance zone 1.4343-1.4196 followed by either a rejection of price within it or a clear break above it with a big green candle. My advice, remain neutral and wait for a correction to the zone I have mentioned above then sell a rejection within it with your take profit at 1.0877 and stop-loss at 14811. If there is clear breach above the zone i have indicated above, wait for a pullback and a bounce within this zone before you pick bullish positions towards 1.7195.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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