17 October 2022, GBP/USD
Technical observation
GBP retraced to the resistance zone 1.1470-1.1383 then bounced at it and since then it has been trading with an increasing bearish bias and as long as price is sustained below the zone I have indicated above, I expect it to decline towards the supportive level 1.0363. If you are currently holding short positions with GBP, my advice is, remain in the trade with your take profit at 1.0363 and stop-loss at 1.1897. I expect the value of GBP to descend further in case of a clear break below the level 1.0363; however, in case of a break above the zone 1.1470-1.1383, I expect bullish movements of price towards the level 1.2652.
Trade recommendation
Remain short with your take profit at 1.0363.
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