09 июня 2021, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias just below a resistance zone 1.4202-1.4199, this bearish movement is an attempted retracement to the supportive level 1.4110; however, my expectation is a rally to the upper side followed by a clear penetration above the zone I have mentioned above with a big green candle. After a break above the zone 1.4202-1.4199, wait for a correction to it confirming a momentum to the upper side before you pick long positions with your take profit at 1.4248 and stop loss at 1.4182. In case you are currently long on the hourly chart above, remain so and pick your profits at the level 1.4199.
Trade recommendation
Remain flat temporarily.
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