15 November 2021, GBP/USD
Technical observation
GBP descended below the supportive zone 1.3454-1.3424 and it is currently trading with an increasing bullish bias below the same zone. As long as price remains below this zone, I can only recommend picking short positions for this pair. However, I would advise you wait for a second correction to the zone 1.3454-1.3424 and a bounce within it confirming a possible rally to the lower side then pick short positions within it with your take profit at 1.2724 and stop loss at 1.3563 . The key levels to look for on your way downwards include 1.2724, 1.2087 and the lower supportive level 1.1450. If price breaks above the zone 1.3454-1.3424, I expect a momentum to the upper side.
Trade recommendation
Wait for a correction to the zone 1.3454-1.3424 to sell GBP.
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