07 June 2022, GBP/USD
Technical observation
GBP has been trading with an increasing bullish bias for the past several weeks and I still expect a continuation of this upwards movement towards the resistance zone 1.3418-1.3355 followed by a rejection within it to pick short positions with my take profit at 1.2083 and stop-loss at 1.3749. If price breaks below the level 1.2083, I expect a further surge towards the supportive level 1.1404. In case of a break above the zone 1.3418-1.3355, I anticipate possible bullish movements towards the level 1.4636 after a correction and rejection within the broken zone. Right now remaining flat is ideal than picking any positions.
Trade recommendation
Remain flat.
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