10 November 2022, GBP/USD
Technical observation
Just like EUR, GBP bounced at a resistance zone it established at 1.1629-1.1590 and since then it has been trading with an increasing bearish bias, my expectation is a further surge in price followed by either a clear break below the 1.0931 or a rejection of price at it. If you are currently holding bearish positions with this pair, I recommend that you remain in the trade with your take profit at 1.0931 and stop-loss at 1.1856. If there is clear break below the level 1.0931, you can expect the value of this pair to plummet further towards the lower supportive level 1.0400. On the chart above, I can only recommend bullish positions above the zone 1.1629-1.1590.
Trade recommendation
Remain short with your take profit at 1.0931.
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