Remain flat | 17 November 2023
17 November 2023, GBP/USD
Technical observation
Just like EUR, GBP declined to a level 1.2122 then bounced at it and it is currently retracing to the upper side. I recommend that you remain neutral and wait for a correction to the level 1.3108 to re-sell GBP with your take profit at 1.2122 and stop-loss at 1.3678. If there is a clear penetration above the level 1.3108, I expect a possible rise to the zone 1.4437-1.4283 followed by a rejection within it or a clear break above it. As it is the weekly chart above, if the value of GBP is sustained below the zone 1.4437-1.4283, only short positions is ideal and can be recommended.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
