18 октября 2021, GBP/USD
Technical observation
Last week I anticipated a rejection of an upwards movement of price within the resistance zone 1.3661-1.3599 for a possible momentum to the lower side, however, price did not bounce within the zone, instead it clearly penetrated above it with big green candle and as long as GBP remain above this zone you can only anticipate a momentum to the upper side. Right now as it is on the weekly chart above, remain flat and wait for a correction to the just broken zone then pick long positions within it after a bounce with your take profit at 1.4615 and stop loss at 1.3178. In case of a clear break above the level 1.4615, I expect further upwards movements of price.
Trade recommendation
Remain flat.
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