We're neutral | 08 January 2021
08 January 2021, GBP/USD
Technical observation
The pair on the weekly chart above has been trading with an increasing bullish bias since it penetrated above a zone 1.3461-1.3409, this week however, GBP has been rallying downwards. This bearish movement is a retracement to the zone mentioned above and I expect a loss of it within the zone to buy this pair. My advice, remain flat temporarily and wait for a pullback to the zone 1.3461-1.3409 and a rejection within it to buy GBP with your take profit at 1.4249 and stop loss at 1.3095. If price penetrates above the line 1.4249 with a big red candle, you can anticipate a further rise towards the level 1.5022.
Trade recommendation
Remain neutral temporarily.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
