21 November 2022, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias within the resistance zone 1.1911-1.1824 and as long as it is contained below this zone, I expect a continuation of this downwards movement towards the supportive level 1.0363. If you picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.0363 and stop-loss at 1.2279, should price penetrate below the level 1.0363 with a big red candle, I expect it to plummet further to the lower side, however, if there is a clear break above the zone 1.1911-1.1824, I expect the value of GBP to rise towards the key level 1.2697.
Trade recommendation
Remain short with your take profit at 1.0363.
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