04 October 2021, GBP/USD
Technical observation
Last week GBP declined below the zone 1.3661-1.3599 with a big red candle and I still expect a possible further rally to the lower side. However, I expect a correction to the just broken zone followed by a bounce within it to pick short position with my take profit at 1.2565 and stop loss at 1.4007. I would recommend you pick short positions after a second retracement to the zone mentioned above just to be sure the penetration below it was no a false breakout. In case of a breach below the supportive level 1.2565 with a big red candle, I expect a correction to it followed by a further decline to the lower supportive level 1.1518.
Trade recommendation
Remain flat.
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