18 February 2021, GBP/USD
Technical observation
On the hourly chart above, price retraced to a supportive zone 1.3853-1.3845 but could not break below it. However, it bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.3949 followed by either a clear breakout above it with a big green candle, or, a bounce at it followed by another correction to the zone mentioned above. My advice, if you bought GBP within the zone 1.3853-1.3845 after a bounce, remain long with your take profit at 1.3949 and stop loss at 1.3803. I can only recommend bearish position below 1.3853-1.3845.
Trade recommendation
Remain long with your take profit at 1.3949.
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