GBPUSD – Flat
Technical observation
GBP retraced to the resistance zone 1.1460-1.1427 but did not break above it, instead it bounce within the zone then declined to the supportive level 1.0853, currently price is trading with an increasing bearish at this level but I expect bullish movements towards the zone indicated above followed by a bounce within it to pick short positions with my take profit at 1.0853 and stop-loss at 1.1601. A further surge to the lower side can be expected in case of a clear break below the level 1.0853, however, if there is a clear break above the zone 1.146-1.1427, I expect price to rise towards the resistance level 1.1852.
Trade recommendation
Remain neutral.
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