23 November 2021, GBP/USD
Technical observation
On the 4 hour chart above, price is retracing to a resistance zone it established at 1.3415-1.3408, I expect a rejection of the current bullish movement within the zone followed by a momentum to the lower side. Right now, i would advise you remain flat temporarily and wait for a correction to the zone I have mentioned above then sell a bounce within it with your take profit at 1.3352 and stop loss at 1.3513. On the chart above, as long as price is contained below the zone 1.3415-1.3408, I can only recommend bearish positions for this pair. Continue short in case of clear breakout below the supportive level 1.3352.
Trade recommendation
Remain flat temporarily.
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