04 February 2021, GBP/USD
Technical observation
GBP is trading with an increasing bearish bias below a resistance line 1.3759, this bearish movement is a correction to the supportive lien 1.3336 and I expect a rejection of it at the line to pick long positions. My advice, remain flat and wait for a correction to the line 1.3336 and a rejection at it to buy GBP with your take profit at 1.3759 and stop loss at 1.3126. On the daily chart above, as long as price is contained above the level 1.3336, you can only expect a surge to the upper side, however, in case of a break below the line, you can anticipate a momentum of price to the lower side to the supportive line 1.2785.
Trade recommendation
Remain flat.
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