01 July 2021, GBP/USD
Technical observation
GBP declined to the lower side and is currently trading above a supportive level 1.3798 with an increasing bullish bias. I expected a break below the supportive level for a further momentum to the lower side however price was contained above it and right now I expect a retracement to the resistance zone 1.4012-1.4003 and a rejection within it to re-sell GBP. In case price does not pull back to the zone I have mentioned above and instead penetrates below the level 1.3798 with a big red candle, I expect a correction to the just broken and a rejection at it to pick short positions with my take profit at 1.3669 and stop loss at 1.3451.
Trade recommendation
Remain flat.
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