GBPUSD – Flat
Technical observation
GBP bounced at the supportive level 1.1566 and it is currently trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.1854-1.1840 and I expect a possible rejection of price within it. My advice, remain neutral and wait for a correction to the zone mentioend above then pick short positions within it after a bounce with your take profit at 1.1566 and stop-loss at 1.1944. a further surge to the lower side is expected in case of a clear penetration below the level 1.1566, however, as it is on the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.1854-1.1840.
Trade recommendation
Remain neutral.
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