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We're bullish towards 1.3692

We're bullish towards 1.3692 | 20 January 2021

20 January 2021, GBP/USD

We're bullish towards 1.3692

Technical observation

Yesterday price did not move to the lower side as I had anticipated, instead, it rose and penetrated above the resistance zone 1.3609-1.3605 with a big green candle. Price then pulled back to the just broken zone and bounced within it before rallying upwards significantly hitting my stop loss. I expect this upwards movement to continue to the resistance line 1.3692 followed by a possible break above it. If you bought this pair within the zone 1.3609-1.3605 after a bounce, remain long with your take profit at 1.3692 and stop loss at 1.3583. On the hourly chart above, I can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 1.3692.

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Imelda Maseno
Analyst of «FreshForex» company
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