13 August 2021, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias above a supportive zone 1.3661-1.3599, this bearish movement is a correction to the zone I have mentioned above and I expect a loss of it within the same zone for a surge to the upper side. My advice, remain flat temporarily and wait for a correction to the zone 1.3661-1.3599 then buy a bounce within it with your take profit at 1.4615 and stop loss at 1.3321. In case there’s no rejection within the zone 1.3661-1.3599 but a clear breakout below it with a big red candle, I expect the value of this pair to plummet to the supportive level 1.2565 or even lower to 1.1518 after a retracement to the broken zone.
Trade recommendation
Remain flat temporarily.
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