22 Marzo 2021, GBP/USD
Technical observation
GBP retraced to the supportive zone it established at 1.3806-1.3786 and it was contained above it for the fourth time. Price is currently trading with an increasing bullish bias and I expect this upwards movement to continue to the resistance line 1.3999, however, it can still penetrate below the zone 1.3806-1.3786. If you bought GBP within 1.3806-1.3786 after a bounce, remain long with your take profit at 1.3999 and stop loss at 1.3692. Should there be a clear break below the zone 1.3806-1.3786 with a big red candle, wait for a correction it confirming bearish rally before you pick short positions towards 1.345.
Trade recommendation
Remain long with your take profit at 1.3999.
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