16 July 2021, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias above the supportive zone 1.3661-1.3599. I expect a loss of this bearish movement within the same zone for a surge to the upper side. My advice, remain neutral temporarily and buy a bounce within the zone 1.3661-1.3599 with your take profit a 1.4615 and stop loss at 1.3349. In case price is not sustained above the supportive zone 1.3661-1.3599 and instead penetrates below it with a big red candle, you can expect the value of this pair to plummet to the supportive level 1.2565 after a correction to the just broken zone and a bounce within it. Continue long after a break above the level 1.4615.
Trade recommendation
Buy a bounce within the zone 1.3661-1.3599 with your take profit at 1.4615.
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