16 November 2021, GBP/USD
Technical observation
GBP declined to the supportive zone 1.3366-1.3418 but could not break below it, price is still trading above the zone with an increasing bearish bias and as long as it is contained above this zone, I expect possible bullish movements of price. In case of a bounce within the zone mentioned above, pick long positions within it with your take profit at 1.4626 and stop loss at 1.3104. Should there be a clear breakout below the zone 1.3366-1.3418 with a big red candle, I would advise you wait for a second retracement to the zone and a rejection within it confirming a possible rally to the lower side before you pick short positions.
Trade recommendation
Remain flat.
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