07 December 2021, GBP/USD
Technical observation
On the weekly chart above, price declined below the zone 1.3426-1.3361 with a big red candle and it is currently trading with an increasing bullish bias below the same zone. I expect this upwards movement to continue to the zone I have mentioned above followed b y a rejection within it and a rally to the lower side. As long as the value of the pair on the chart above is sustained below the resistance zone 1.3426-1.3361, I can only recommend bearish positions. My advice, remain neutral and wait for a retracement to the zone mentioned above then sell a bounce within it with your take profit at 1.2031 and stop loss at 1.3686.
Trade recommendation
Remain flat.
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