17 November 2021, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias above a supportive zone 1.3422-1.3412, my expectation is a rejection of this downwards movement within the same zone followed by a momentum to the upper side. My advice, wait for a bounce within the aforementioned zone and pick long position within it with your take profit at 1.3559 and stop loss at. On the 4 hour chart above, as long as price is sustained above the supportive zone 1.3422-1.3412, I can only recommend picking bullish positions for this pair. On your way upwards the key levels the key levels to look for include 1.3559, 1.3686 and the upper level 1.3830.
Trade recommendation
Buy GBP within 1.3422-1.3412 with your take profit at 1.3559.
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