31 Enero 2022, GBP/USD
Technical observation
GBP retraced to the supportive zone it established at 1.3435-1.3354 but could not break below it, price closed above the zone and as long as it is sustained above it, I expect possible bullish movements towards the resistance level 1.4239, however, if price is not contained above this zone but clearly breaks below it with a big red candle, you can anticipate a momentum to the lower side after a correction to the broken zone and a bounce within it. Right now I would advise that you pick long positions within the zone 1.3435-1.3354 with your take profit at 1.4239 and stop loss at 1.3127. Continue long after a break above the level 1.4239.
Trade recommendation
Buy GBP within the zone 1.3435-1.3354 with your take profit at 1.4239.
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