03 September 2021, GBP/USD
Technical observation
GBP did not rally to the lower side as I had anticipated, instead it rose and broke above the resistance zone 1.3788-1.3778 with a big green candle and is still showing signs of rising even further. Despite this upwards movement, I expect bearish movements to the just broken zone followed by a bounce within it to pick long positions. My advice, remain flat and wait for a correction to the zone 1.3788-1.3778 and buy a bounce within it with your take profit at 1.3980 and stop loss at 1.3742. On the 4 hour chart above as long as price is contained above the zone 1.3788-1.3778, I can only recommend bullish positions for this pair.
Trade recommendation
Wait for a correction to the zone 1.3788-1.3778 to buy GBP.
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