Remain flat | 17 November 2023

17 November 2023, GBP/USD

Remain flat

Technical observation

Just like EUR, GBP declined to a level 1.2122 then bounced at it and it is currently retracing to the upper side. I recommend that you remain neutral and wait for a correction to the level 1.3108 to re-sell GBP with your take profit at 1.2122 and stop-loss at 1.3678. If there is a clear penetration above the level 1.3108, I expect a possible rise to the zone 1.4437-1.4283 followed by a rejection within it or a clear break above it. As it is the weekly chart above, if the value of GBP is sustained below the zone 1.4437-1.4283, only short positions is ideal and can be recommended.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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