24 October 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias between the supportive level 1.1688 and a resistance zone 1.2635-1.2598, today I expect the value of this pair to ascend to the zone I have indicated above it followed by a possible bounce within it. My advice, place a pending sell limit order within the zone 1.2635-1.2598 with your take profit at 1.1688 and stop-loss at 1.2873. Should there be a clear breach below the level 1.1688 with a big red candle, wait for a correction to the broken line before you continue short towards the supportive level 1.0363 or lower. On the chart above, as long as the price is sustained below the zone 1.2635-1.2595 I can only recommend bullish positions.
Trade recommendation
Place a pending sell limit order within the zone 1.2635-1.2998 with your take profit at 1.1688.
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