27 January 2021, GBP/USD
Technical observation
Since its rejection within the zone 1.3461-1.3409, the pair on the chart above has been trading with an increasing bullish bias. My expectation is a rally to the upper side to the resistance line 1.4249 followed by a possible breakout above it for a further rise in price towards 1.5022. My advice if you bought this pair within the zone mentioned above after a bounce remain long with your take profit at 1.4249 and stop loss 1.3060. On the weekly chart above, as long as price is contained above the zone 1.3461-1.3409, I can only recommend bullish positions. Short positions are only ideal below 1.3461-1.3409.
Trade recommendation
Remain long with your take profit at 1.4249.
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