Flat | 23 Oktober 2020

23 Oktober 2020, GBP/USD

Flat

Technical observation

Just like EUR, GBP went down yesterday and is still trading with an increasing bearish momentum. If you are currently flat with this pair, I would recommend you to remain so. I expect this bearish movement to continue to the supportive zone 1.2874-1.2830 followed by a clear bounce within it for bullish movements of price. However, should there be a clear break below the above zone 1.2874-1.2830 with a big red candle; you can anticipate a surge to the lower side after a correction to the just broken zone and a rejection within it. Right now on the daily chart above, only bullish positions look ideal.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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