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we are flat

we are flat | 07 January 2022

07 January 2022, GBP/USD

Technical observation

Last week, the pair on the chart above rose above the resistance zone 1.3435-1.3354 with a big green candle and right now price is still trading with an increasing bullish bias. However, I expect a loss of this upwards movement followed by a correction to the just broken zone and rejection within it to buy GBP with my take profit at 1.4239 and stop loss at 1.3075. In case price is not sustained above the zone I mentioned earlier but instead penetrates below it with a big red candle, bearish movements can be anticipated after a second retracement to the zone and a rejection within it. Right now I would recommend that you remain neutral.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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