09 December 2021, GBP/USD
Technical observation
On the 4 hour chart above price retraced to the supportive level 1.3194 and it is currently trading slightly above it with an increasing bearish bias. If you are still holding short positions with this pair, you can pick your profits now at the level 1.3194. In case of a bounce at the same level, i expect a momentum to the resistance zone 1.3363-1.3352 followed by a bounce within it to re-sell this pair, and if there is a clear breakout below the level 1.3194 with a big red candle, I expect the value of this pair to plummet further to the lower side. On the other hand in case of a clear breakout above the zone 1.3363-1.3352 with a big green candle, I expect bullish movements towards the level 1.3496.
Trade recommendation
Remain flat.
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