03 February 2021, GBP/USD
Technical observation
This week, GBP has been trading with an increasing bearish bias even though I expect it rally to the upper side. This bearish movement is a correction to the supportive zone price established around 1.3461-1.3409 and in case it declines to it, I expect a rejection of it within the zone. If you bought GBP within the zone mentioned above after the previous bounce and is currently long, remain in the trade with your take profit at 1.4249 and stop loss at 1.3060. On the weekly chart above, as long as GBP is contained above the zone 1.3461-1.3409 only bullish positions look ideal and can be recommended.
Trade recommendation
Remain long with your take profit at 1.4249.
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