(GBPUSD) Mon, 14 November 2022 Setup 2

14 Nov 2022

GBPUSD

GBPUSD Long bias.
Status: Entered position

Reason:
- Core Inflation Rate YoY and Inflation Rate YoY created a fat bullish candle.
- Michigan Consumer Sentiment Prel created a bull candle response.
- USDCHF reflects a weak bullish momentum, which could potentially hold the bears or go for a breakout from the support level.

Potential Scenario for Monday, 14 November 2022:
- Market could go sideways, waiting for the PPI MoM report.
- The major resistance level (1.18526 - 1.18795) would create a pullback, if it fails to break the resistance... reconsider the position or go for a breakeven.
- If it breaks directly to the SL level, the next support would be the target (1.16199 - 1.16403).

Position plan:
- I'll be holding this position until the PPI MoM report and do as is already planned in the scenario.