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Wait for a pullback to the zone 1.4343-1.4245

Wait for a pullback to the zone 1.4343-1.4245 | 31 October 2023

31 October 2023, GBP/USD

Wait for a pullback to the zone 1.4343-1.4245

Technical observation

On the weekly chart above, the price has been trading with an increasing bearish for the past two consecutive weeks and this week I expect a loss of this downwards movement followed by a pullback to the resistance zone 1.4343-14245. I recommend that you remain neutral and wait for a retracement to the zone I have indicated above to pick short positions with your take profit at 1.0877 and stop-loss at 1.5014. If the price penetrates below the level 1.0877, wait for a correction to this level and a bounce at it before you continue short, as it is on the chart above as long as the value of GBP is sustained below the zone 1.4343-1.4245 I can only recommend short positions.

Trade recommendation

Wait for a pullback to the zone 1.4343-1.4245 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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