(GBPUSD) Wed, 16 November 2022 Setup

GBPUSD

GBPUSD Long bias.
Status: Open position

What do I see?
- PPI MoM reflects a bullish response in the short-term period. I'm taking this opportunity to target the resistance level (1.20002 - 1.20198).

What I would do?
- Previously the opened long position got closed. What I gonna do now is to reenter back to the same position, according to what is already been planned. If this fails the second time, I'll wait for the market to go down to the support level (1.17329 - 1.17461) or wait for Retails Sales MoM Report for another confirmation.

Key point:
- Still Long bias
- Could potentially hit the target, as there is a strong rejection by the bulls.

Happy Trading! Good luck!