05 Enero 2021, GBP/USD
Technical observation
On the hourly chart above, price broke below a key level 1.3607 with a big red candle then went down but not for long, it then rose towards the just broken line and is currently trading below it with an increasing bullish momentum. I expect a loss of this upwards movement at the level 1.3607 for a possible momentum to the lower side. My advice, pick short positions at 1.3607 after a bounce with your take profit at 1.3472 and stop loss at 1.3652. In case there is a clear penetration below the zone 1.3472-1.3464 with a big red candle, you can anticipate a possible surge to the lower side towards 1.3317.
Trade recommendation
Sell GBP at 1.3607 with your take profit at 1.3472.
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