Following the bullish pin bar seen four weeks ago, Gbp has been in a constant up trend and broke above my weekly take profit set at 1.3323. This is a strong bullish indication and signals that the price could rise towards the next key line 1.3456. As it is, Gbp is very bullish and therefore, selling it is very risk and cannot be recommended. That said, unless you’re a short term trader, you should not short Gbp. Selling it will mean you’re selling a retracement rally but your take profit must not be below 1.3323. If you did long Gbp around 1.2766, you could wait for a retracement towards 1.3323 to pick a long position with your take profit at 1.3856, if you went long, you could leave this position open towards 1.3856.
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