Remain flat with GBP | 02 November 2023

Technical observation

This week the value of the pair above opened bullish and I expect it to plummet even further to the upper side. The anticipated momentum to the upper side is a pullback to the resistance zone 1.4343-1.4245 and I expect a rejection of price within it. My advice, remain flat and wait for a retracement to the zone mentioned above then sell GBP within it with your take profit at 1.0877 and stop-loss at 1.4811. If there is a clear penetration above the zone 1.4343-1.4245 with a big green candle, wait for a pullback and a bounce to this line before you pick bullish positions towards the key level 1.7195 or higher.

Trade recommendation

Wait for a retracement to the zone 14343-1.4245 to sell GBP.