08 June 2021, GBP/USD
Technical observation
Yesterday GBP rose for some time but did not reach the resistance level it established at 1.4233, it bounced below the line and is currently trading with an increasing bearish bias. If this bearish movement continues to the supportive zone 1.4093-1.4082 and it is contained above it, pick long positions within the same zone after a bounce with your take profit at 1.4233 and stop loss at 1.4028. However, in case of a clear penetration below the zone I have mentioned above with a big red candle, I expect a retracement to the zone followed by a rejection within it for a possible momentum to the lower side. Right now remain neutral.
Trade recommendation
Remain flat.
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