08 July 2021, GBP/USD
Technical observation
Last week GBP went down with a big red candle and it is still showing signs of declining further to the supportive zone 1.3661-1.3599. I expect a rejection of price within the zone I have mentioned above followed by a surge to the upper side. 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 1.3321. In case of a clear breakout above the resistance level 1.4615 with a big green candle, I expect a further momentum to the upper side towards the upper resistance level 1.5891. On the chart above, I can only recommend short positions below the zone 1.3661-1.3599.
Trade recommendation
Wait for a correction to 1.3661-1.3599 to buy GBP.
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