20 December 2021, GBP/USD
Technical observation
On the 4 hour chart above, price rose to the resistance zone 1.3363-1.3352 as anticipated but it could not break above it, it bounced below the same zone and since then it has been declining steadily towards the supportive level 1.3191. If you picked short positions within the zone I have mentioned above after a bounce, remain short with your take profit at 1.3194 and stop loss at 1.3426. In case of a clear breakout below the level 1.3194 with a big red candle, my expectation is a further decline to the lower side. As it is on the chart above, as long as GBP is sustained below the zone 1.3363-1.3352, I can only recommend bearish positions.
Trade recommendation
Remain short with your take profit at 1.3194.
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