02 December 2021, GBP/USD
Technical observation
GBP retraced to the resistance level it established at 1.3360 but it could not break above it, price bounced slightly below the line and since then it has been trading with an increasing bearish bias, my expectation is a continuation of this downwards movement to the supportive level 1.3192. In case this take profit is triggered and there is a clear breakout below it with a big red candle, you can anticipate further bearish movements of price, however, if price bounce at the same line I expect a rise to the key level 1.3360 followed by a rejection at it to re-sell GBP. For the pair above, I can only recommend bullish positions above the level 1.3360.
Trade recommendation
Remain short with your take profit at 1.3192.
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