08 February 2021, GBP/USD
Technical observation
On the chart above, price is trading with an increasing bearish bias below a key level 1.3614. However, I expect a retracement to the same line followed by a rejection at it to sell GBP towards the supportive zone 1.3463-1.3450. My advice, remain flat temporarily and wait for a correction to the line 1.3416 and a rejection within it to sell GBP with your take profit at 1.3463 and stop loss at 1.3678. Should there be a clear breakout below the zone 1.3463-1.3450 with a big red candle, wait for a pullback to it and a bounce confirming further bearish movements of price before you continue short towards 1.3293.
Trade recommendation
Remain flat temporarily.
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