05 October 2021, GBP/USD
Technical observation
On the 4 hour chart above, price retraced to a resistance zone it established at 1.3612-1.3603 but could not break above it, it bounced within the zone and is currently trading with an increasing bearish bias, I expect a continuation of this bearish rally to the supportive level 1.3423 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by a retracement to the zone I have mentioned above. My advice, if you picked short positions within the resistance zone 1.3612-1.3603 after a bounce, remain short with your take profit at 1.3423 and stop loss at 1.3672. you can only anticipate bullish movements above the zone 1.3612-1.3603.
Trade recommendation
Remain short with your take profit at 1.3423.
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