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Expecting price to ascend to 1.3607

Expecting price to ascend to 1.3607 | 27 January 2022

27 January 2022, GBP/USD

Technical observation

On the 4 hour chart above, price declined to the supportive level 1.3455 but could not break below it, and as long as it is contained above this line, I expect bullish movements to the resistance zone 1.3619-1.3607. My advice, if you bought GBP at the supportive level 1.3455 after a bounce, remain long with your take profit at 1.3607 and stop loss at 1.3381. If price clearly penetrates above the zone 1.3619-1.3607 with a big green candle, I expect it to surge further towards 1.3833, on the other hand should there be a clear break below the level 1.3455, I expect price to plunge towards 1.3270 after a correction to the broken line.

Trade recommendation

Remain long with your take profit at 1.3607.

Imelda Maseno
Analyst of «FreshForex» company
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