Remain long | 31 January 2020

Technical observation

GBP corrected itself to the supportive zone it established around 1.2984-1.2948 and was rejected as I had predicted, price went up yesterday and I still expect more bullish movements towards the key line 1.3516 followed by a possible penetration above it. If you bought this pair within the zone mentioned above after a rejection, remain in the trade with your take profit at 1.3516 and stop loss at 1.2818. As long as price is contained above the zone 1.2984-1.2948 on the daily chart above, only bullish movements of price can be anticipated however, should price break below the zone then downward movements can be expected.

Trade recommendation

Remain long with your take profit at 1.3516.