Remain flat temporarily | 30 November 2021

Technical observation

Yesterday price retraced to the resistance zone 1.3352-1.3347 and bounced at it as I predicted, it then declined steadily towards the supportive level 1.3277 and bounced slightly above it. Currently this pair is trading with an increasing bullish bias and I expect a continuation of this upwards movement to the zone I mentioned above followed by a rejection within it to resell GBP with my take profit at 1.3277 and stop loss at 1.3377. In case there is a clear breakout above the zone 1.3352-1.3347 with a big green candle, I expect GBP to ascend towards the resistance level 1.3408 after a correction to the broken zone and a rejection within it.

Trade recommendation

Remain neutral temporarily.