21 January 2021, GBP/USD
Technical observation
The general trend for the pair on the 4-hour chart above is upwards. This pair established a supportive zone around 1.3517-1.3502 and for some time now, price has never broken below it. On the last retracement to the zone, GBP bounced within it then rose significantly to the upper side and is currently trading on the resistance level 1.3692 with an increasing bullish bias. If you bought this pair within the zone 1.3517-1.3502 after a bounce, at the level 1.3692 was the ideal place to pick your profits. Right now, i expect a clear breakout above the line 1.3692 with a big green candle for a further surge to the upper side.
Trade recommendation
Wait for a break above 1.3692 to buy GBP.
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