24 December 2021, GBP/USD
Technical observation
Yesterday GBP did not decline as I had predicted, instead price went up and broke above the resistance zone 1.3361-1.3352, it then continued to rally upwards triggering our stop loss. Currently this pair is trading with an increasing bullish bias between the zone mentioned above and a resistance level 1.3496, however, I expect a loss of this upwards movement s followed by a correction to the zone 1.3361-1.3352 and a rejection within it to pick long positions. As long as the value of the pair on the 4 hour chart above is sustained above the zone 1.3361-1.3352, I can only recommend bullish positions. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
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