12 February 2021, GBP/USD
Technical observation
On the 4-hour chart above, price is trading with an increasing bearish momentum between a resistance line 1.3867 and a supportive line 1.3747, this bearish movement is a retracement to the supportive line and I expect a rejection of it at the same line for a surge to the upper side. My advice, wait for a correction to the line 1.3757 and a rejection at it to buy GBP with your take profit at 1.3867 and stop loss at 1.3677. In case of a break above the line 1.3867 with a big green candle, you can anticipate a further momentum to the upper side after a correction to the just broken line and a bounce at it.
Trade recommendation
Remain neutral temporarily
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