02 September 2021, GBP/USD
Technical observation
GBP pulled back to the resistance zone it established at 1.3788-1.3778 but could not penetrate above it, price bounced within the zone and then went down for some time, right now, GBP is trading just below the same zone with an increasing bullish bias and my expectation is a either a clear breakout above the zone with a big green candle, or a loss of this bullish movement within if followed by a momentum to the lower side. My advice, in case of a breakout above the zone 1.3788-1.3778 with a big green candle, wait for a retracement to it before you pick long positions towards the level 1.3980. On the flip side, short GBP within 1.3788-1.3778 in case of a bounce within it.
Trade recommendation
Remain flat temporarily.
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