13 Octubre 2021, GBP/USD
Technical observation
On the weekly chart above, price broke below a zone 1.3661-1.3599 then retraced to it and it bounced within the zone and as long as GBP is sustained below this zone, I expect a momentum to the lower side. If you picked short positions within the zone I have mentioned above after a bounce, remain in the trade with your take profit at 1.2565 and stop loss at 1.3908. If you are a bit skeptic to sell this pair now, wait for a second retracement to the same zone and sell a bounce within it with your take profit still at 1.2565. In case of a break below the supportive level 1.2565, I expect a further momentum to the lower side to the supportive level 1.1518.
Trade recommendation
Remain short with your take profit at 1.2565.
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