01 November 2022, GBP/USD
Technical observation
GBP is trading with an increasing bullish momentum above the supportive zone it established at 1.1460-1.1427 and as long as it is contained above this zone I expect it to rally further upwards. If you bought GBP within the zone mentioned above after a bounce, remain in the trade with your take profit at 1.1852 and stop-loss at 1.1271. Should there be a clear break above the level 1.1271 with a big green candle, a further surge to the upper side can be expected after a retracement to the broken line and rejection at it, however, if there is a break below the zone 1.1460-1.1427, I expect the value of GBP to plummet towards the level 1.0919.
Trade recommendation
Remain bullish with your take profit at 1.1852.
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