01 February 2021, GBP/USD
Technical observation
On the hourly chart above, GBP broke above the level 1.3739 but was not contained above it, it then went below the same line with a big red candle and is currently trading with an increasing bearish bias. I expect a retracement to the line 1.3739 and a rejection at it to sell GBP with my take profit at 1.3614. If price breaks below the level 1.3614, I expect the value of this pair to plummet further to lower side towards the supportive level 1.3526, or even lower to the supportive zone 1.3447-1.3438. Right now as it is on the chart above, remaining neutral withy this pair is ideal than picking any position.
Trade recommendation
Remain flat.
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