08 November 2023, GBP/USD
Trade recommendation
Just like EUR, GBP pulled back to a zone it established at 1.2416-1.2428 and it was sustained below this zone, currently the price is trading with an increasing bearish bias and if it is contained below the zone I mentioned above, I expect it to plunge further to the lower side. If you already picked short positions, remain bearish with your take profit at 1.2061 and stop-loss at 1.2511. If there is a clear breach below the level 1.2061, I expect the price to descend further after a retracement to the broken line, but if there is a breakout above the zone 1.2416-1.2428, I anticipate bullish movements towards 1.2800.
Trade recommendation
Remain bearish with your take profit at 1.2061.
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