23 November 2022, GBP/USD
Technical observation
Last week GBP rose towards the zone 1.2185-1.2062 but did not reach it and this week it is trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a momentum to the zone indicated above and a bounce within it to pick short positions, My advice, remain flat temporarily then sell a bounce within the zone I mentioned earlier with your take profit at 1.0368 and stop-loss at 1.2670. In case of a clear break below the level 1.0368, continue short after a correction and a bounce at it. On the weekly chart above, I can only recommend bullish positions above the zone 1.2185-1.2062.
Trade recommendation
Remain flat temporarily.
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