We're bullish towards 1.3607 | 12 January 2021

Technical observation

Yesterday price did not penetrate below the zone 1.3472-1.3460 as I had anticipated instead; it bounced within it and is currently rallying upwards. With the general trend of price being upwards, I expect the value of this pair to rise to the level 1.3607. My advice, if you bought this pair within the zone 1.3472-1.3460 after a bounce, remain long with your take profit at 1.3607 and stop loss at 1.3400. In case there is a clear break below the zone 1.3472-1.3460 with a big red candle, wait for a correction to it before you sell GBP but as long as price is contained above the zone, you can only expect bullish movements.

Trade recommendation

Remain long with your take profit at 1.3607.