15 February 2021, GBP/USD
Technical observation
On the daily chart above, price has been rising steadily towards a resistance line 1.3981 and right now, it is trading below the line with an increasing bullish bias. I expect this upwards movement to continue to the line mentioned above followed by either a clear break above it with a big green candle, or a bounce at it followed by a pullback to the supportive level 1.3386. If you are currently long with GBP, remain in the trade and pick your profits at 1.3981. However, if you are currently flat with GBP, remain so and wait for either a clear breakout above the line 1.3981, or a retracement to the line 1.3386 to buy GBP.
Trade recommendation
We are bullish with take profit at 1.3981.
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