GBPUSD – Flat
Technical observation
GBP pulled back to the resistance zone it established at 1.1690-1.1623 as I had predicted and it could not break above it, instead, it bounced within this zone and since then it has ben trading with an increasing bearish bias. As long as price is sustained below this zone, I expect a continuation of this downwards movement to the supportive level 1.0363 followed by either a clear break below it with a big red candle, or a rejection of price at it. If you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 1.0363 and stop-loss at 1.2047.
Trade recommendation
Remain short with your take profit at 1.0363.
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