Remain long | 16 September 2020

Technical observation

GBP penetrated above a zone 1.2785-1.2748 with a big green candle. This pair then rallied upwards up to a key line 1.3336 but could not break above it; price bounced at the line then pulled back to the supportive zone 1.2785-1.2748 and was contained above it confirming bullish movements of price. My advice if you bought GBP within the zone 1.2785-1.2748 after a bounce, remain long with your take profit at 1.3336 and stop loss at 1.2550. In case there is a clear breakout above the line 1.3336 with a big green candle, wait for a correction to it and a bounce before you continue long with this pair.

Trade recommendation

Remain long with your take profit at 1.3336.