02 November 2021, GBP/USD
Technical observation
The pair on the chart above declined and penetrated below a supportive zone 1.3722-1.3715 with a big red candle, currently price is trading with an increasing bullish bias below the just broken zone and I expect a continuation of this bullish movement to the same zone followed by a rejection within it to pick short positions with my take profit at 1.3546 and stop loss at 1.3774. In case of a clear breakout below the level 1.3546 with a big red candle, I expect a further rally to the lower side to the supportive level 1.3411, on the other hand in case of a clear break above the zone 1.3722-1.3715, I expect a bullish movements of price.
Trade recommendation
Remain neutral temporarily.
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