11 May 2021, GBP/USD
Technical observation
GBP is trading with an increasing bullish momentum between a supportive level 1.4001 and a resistance level 1.4236. However, I expect bearish movement to continue to the supportive level mentioned above followed by a bounce at it to pick long positions. Right now remaining neutral with this pair is ideal than picking any position. If price breaks above the level 1.4236 with a big green candle wait for a correction to it and a bounce before you can continue further upwards. In case there is a break below the level 1.4001 with a big red candle, wait for a correction to it and a bounce to confirm price is sustained below the level before you sell GBP.
Trade recommendation
Remain neutral.
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