16 August 2021, GBP/USD
Technical observation
GBP is retracing to a supportive zone it established at 1.3661-1.3599, I expect a bounce within this zone for a rally to the upper side to the key level 1.4615, my advice, remain flat and wait for a correction to the zone 1.3661-1.3599 to buy GBP with your take profit at 1.4615 and stop loss at 1.3344. If price breaks below the zone 1.3661-1.3599 with a big red candle, I expect a possible surge to the supportive level 1.2565 or even to the lower level 1.1518.However, in case there is a clear breakout above the level 1.4615 with a big green candle, wait for a correction to it before you continue long with this pair towards the level 1.5891.
Trade recommendation
Remain flat.
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