07 October 2022, GBP/USD
Technical observation
Since it bounced within the resistance zone 1.1470-1.1427 GBP has been trading with an increasing bearish momentum and today I expect a continuation of this downwards movement. If you are currently holding short positions with the pair above I would recommend that you remain in the trade and pick your profits at the level 1.0883, and in case price clearly penetrates below this level with a big red candle, I expect it to surge further towards the supportive level 1.0364 after a retracement to the broken line. As it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.1470-1.1427.
Trade recommendation
Remain short with your take profit at 1.0883.
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