23 October 2023, GBP/USD
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.