Long towards 1.3478. | 27 November 2020

Technical observation

Following its rejection at the supportive level 1.3310, GBP has been trading with an increasing bullish bias and I expect this upwards movement to continue to the resistance line 1.3478 followed by a possible penetration above it with a big green candle. If you picked long positions at the line 1.3310 after a rejection, remain in the trade with your take profit at 1.3478 and stop loss at 1.3262. Should there be a clear breach below the level 1.3310, you can expect the value of this pair to plummet to the lower side; however, as long as it is contained above the same line you can only expect bullish movements of price.

Trade recommendation

Remain bullish with your take profit at 1.3478.