04 January 2022, GBP/USD
Technical observation
On the 4 hour chart above, price broke above the zone 1.3368-1.3356 with a big green candle then rose up to the resistance level 1.3533, however price did not break above the resistance line but instead it bounced at it and since then it has been declining steadily. This bearish movement is a correction to the zone 1.3368-1.3356 and I expect a rejection of price within it followed by a momentum to the upper side. My advice, remain flat and wait for a correction to the zone mentioned above then buy GBP within it with your take profit at 1.3533 and stop loss at 1.1300.Further bullish movements can be expected in case of a break above the level 1.3533.
Trade recommendation
Wait for a correction to the zone 1.3368-1.3356 to buy GBP.
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