20 April 2021, GBP/USD
Technical observations
On the 4 hour chart above, price rose tremendously to the upper side then slightly penetrated above a resistance zone 1.3994-1.3981, right now, i expect a correction to the zone for an upward rally towards the key level 1.4236.my advice, remain neutral temporarily and wait for a correction to the zone 1.3994-1.3981 and a rejection within it to buy GBP with your take profit at 1.4236 and stop loss at 1.3917. Should there be a clear penetration above the level 1.4236 with a big green candle, I expect a further surge in price to the upper side. As long as price is contained above 1.3994-1.3981, I can only recommend long positions.
Trade recommendation
Remain neutral temporarily.
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