30 August 2021, GBP/USD
Technical observation
On the 4 hour chart above, price rose and broke above a resistance zone 1.3766-1.3758, it then retraced to the just broken zone but could not break below it, price was sustained above the same zone and is currently trading with an increasing bullish bias, as long as GBP is contained above the zone 1.3766-1.3758 I expect a momentum to the upper side to the resistance level 1.3980, however, if the break above the zone I have mentioned above was false and there is clear break below it with a big red candle, wait for a retracement to the just broken zone and sell a bounce within it with your take profit at 1.3570.
Trade recommendation
Wait for a second retracement to the zone 1.3766-1.3758 to buy GBP.
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