GBPUSD – Flat
Technical observation
GBP retraced to the resistance zone it established at 1.1690-1.1623 but it could not break above it, instead it bounced within this zone then went down. Today I expect further bearish movements of price and in case you are currently holding short positions with this pair, I recommend that you remain in the trade with your take profit at 1.0363 and stop-loss at 1.2080. If there is a clear penetration below the level 1.0363 with a big red candle, I expect the value of this pair to plummet further to the lower side; however, in case of a clear break above the zone 1.1690-1.1623, I anticipate possible bullish movements or price towards the level 1.2650.
Trade recommendation
Remain short with your take profit at 1.0363.
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