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Expecting a rally towards 1.3710

Expecting a rally towards 1.3710 | 30 December 2020

30 December 2020, GBP/USD

Technical observation

On the daily chart above, price broke above a line 1.3336 with a big green candle then pulled back to it. Price was contained above the line and is currently trading with an increasing bullish bias, I expect this upwards movement to continue to the line 1.3710 followed by either a clear breakout above it with a big green candle, or a bounce at it. If you bought GBP at the line 1.336 after a bounce, remain long with your take profit at 1.3710 and stop loss at 1.3130. Should there be a clear break above the line 1.3710 with a big green candle, wait for a correction to it confirming further bullish movements before you buy GBP.

Trade recommendation

Remain long with your take profit at 1.3710.

Imelda Maseno
Analyst of «FreshForex» company
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