26 October 2023, GBP/USD
Technical observation
GBP bounced at the resistance zone 1.2311-12290 for a second and it is currently trading with an increasing bullish bearish, if you picked short positions within the zone I have mentioned above, I recommend that you remain in the trade with your take profit at 1.1801. Should the value of GBP penetrate below the level 1.1801 with a big red candle, wait for a retracement to this line and a rejection at it before you continue short, on the other hand, in case of a clear break above the zone 1.2311-12290, long this pair towards the key level 1.2791 or higher to 1.3133 after a pullback and a bounce at the broken line.
Trade recommendation
Remain bearish with your take profit at 1.1801.
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