Trading plan for GBP/USD on October 29, 2021

The GBP/USD pair continues to trade in a flat. Yesterday's upward movement allowed it to return to the October high. Meanwhile, an upward "absorption" pattern was formed at the daily level.

This may become the basis for building a trading plan at the beginning of next week. Within the framework of a flat, it is important to focus on testing its borders. It is worth noting that purchases from the lower border should be settled when the weekly high is reached. If testing the level of 1.3828 leads to the formation of a sell pattern, it is necessary to enter a short position. The downward target will be the current week's low again.

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Trading in a medium-term flat does not allow holding positions for a long time. The main signal of going beyond the flat and continuing the upward momentum will be the closing of the daily candle above the level of 1.3828. The descending pattern has a lower probability, so there is no reason to consider it at this stage.

The material has been provided by InstaForex Company - www.instaforex.com

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