21 May 2021, GBP/USD
Technical observation
For the past two consecutive weeks GBP has risen steadily towards the resistance level, 1.4615, same as the previous weeks, I expect this week’s candle to also close bullish. My expectation is a rally to the resistance level I have mentioned above followed by either a clear break above it with a big green candle, or a bounce at it followed by a retracement to the supportive zone 1.3661-1.3599. If you are currently bullish with this pair, remain in the trade with your take profit at 1.4615 and stop loss at 1.3234. On the weekly chart above, as long as price is contained above the zone 1.3661-1.3599, I can only recommend bullish positions.
Trade recommendation
Remain long with your take profit at 1.4615.
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