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Wait for a pullback to sell GBP.

Wait for a pullback to sell GBP. | 12 November 2021

12 November 2021, GBP/USD

Wait for a pullback to sell GBP.

Technical observation

Just like EUR, GBP is trading with an increasing bearish bias slightly below a supportive zone it established at 1.3475-1.3429 and right now i expect further downwards movement followed by a pullback to the just broken zone and a bounce within it. As long as GBP is contained below the zone 1.3475-1.3429, I can only recommend picking bearish positions. My advice, wait for a correction to the zone 1.3475-1.3429 and sell a bounce within it with your take profit at 1.2505 and stop loss at 1.3915. In case of a clear breakout below the supportive level 1.2505 with a big red candle, I expect a price to surge further to the lower supportive level 1.1655.

Trade recommendation

Wait for a correction to the zone 1.3475-1.3429 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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