20 July 2021, GBP/USD
Technical observation
On the daily chart above, price declined and penetrated below a supportive zone it established at 1.3717-1.3686 with a big red candle, It is still trading with an increasing bearish bias but despite this downwards movement I expect a correction to the just broken zone followed by a rejection within it to sell GBP with my take profit at 1.3277 and stop loss at 1.3863. In case of a clear breakout below the supportive level 1.3277 with a big red candle, I expect a further momentum of price to the lower supportive level 1.2717. On the chart above, as long as price is contained below the zone 1.3717-1.3686, I can only recommend short positions.
Trade recommendation
Wait for a correction to the zone 1.3717-1.3686 to sell GBP.
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