Wait for a correction to buy GBP | 16 June 2021

Technical observation

On the chart above, price is trading with an increasing bearish bias for two consecutive weeks, as it is right now, GBP is still trading with an increasing bearish bias, this bearish movement is a correction to the supportive zone 1.3661-1.3599, I expect a loss of this downwards movement within the zone for a surge to the upper side, but if price penetrates below the zone with a big red candle, I expect a momentum to the lower side after a correction to the just broken zone. My advice, wait for a correction to the zone 1.3661-1.3599 and a rejection within it to buy GBP with your take profit at 1.4615 and stop loss at 1.3279.

Trade recommendation

Wait for a correction to the zone 1.3661-1.3599 to buy GBP.