16 November 2023, GBP/USD
Technical observations
GBP pulled back to a lower trend line as shown above but did not break below it, instead it bounced at this line and it has been trading with an increasing bullish bias. Today, I expect a further movement in price to the upper side and if you are holding bullish positions, remain in the trade with your take profit at 1.3131 and stop-loss at 1.1513. If the price clearly breaks above the level 1.3131 with a big green candle, i expect the value of GBP to rise even further towards the resistance level 1.4236 or higher; contrary, in case of a break below the zone 1.1865-1.1826, I anticipate a plunge towards the key level 1.0364.
Trade recommendation
Remain bullish with your take profit at 1.3131.
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