Reiman neutral | 06 November 2023

Technical observation

On the daily chart above, the price is trading with an increasing bullish bias slightly above the supportive zone 1.1865-1.1826 and today I expect a loss of this upwards movement followed by a retracement to the zone I mentioned earlier. As it is on the chart above, I recommend that you remain flat and wait for a correction to zone 1.1865-1.1826 then buy GBP within it with your take profit at 1.3131 and stop-loss at 1.1482. In case of a clear penetration above level 1.3131, I expect the price to ascend further towards the level 1.4236, on the other hand, I anticipate a possible plunge in price in case of a clear breach below the zone 1.1865-1.1826.

Trade recommendation

Remain neutral.