30 June 2021, GBP/USD
Technical observation
Yesterday price declined to the supportive level 1.3799 as I had predicted and it bounced just above it. I expect a possible breakout below the supportive level with a big red candle followed by a correction to it for a further momentum to the lower side, however, if price does not break below the line and instead rally upwards to the resistance zone it established at 1.4012-1.4003, you can re-sell GBP within the zone after a bounce with your take profit at 1.3799 and stop loss at 1.4064. In case of a break above 1.4012-1.4003, wait for a correction to it confirming possible bullish movements of price before you pick long positions.
Trade recommendation
Remain flat.
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