Looking to buy within 1.3661-1.3599 | 05 July 2021

Technical observation

Just like EUR, GBP is retracing to a supportive zone it established at 1.3661-1.3599, price is currently trading with an increasing bearish bias above the zone I have mentioned above and I expect a loss of this downwards movement within it for a possible upwards movements of price. My advice, remain neutral temporarily and wait for a bounce within the zone 1.3661-1.3599 to buy GBP with your take profit at 1.4615 and stop loss at 1.3349. If price is not sustained above the zone 1.3661-1.3599 and instead penetrated below it with a big red candle, I expect it to plummet to the lower side towards the supportive level 1.2655.

Trade recommendation

Remain neutral temporarily.