18 January 2021, GBP/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias above a supportive zone 1.3461-1.3409; I expect a loss of this bearish movement within the same zone for a possible momentum to the upper side. My advice, pick long positions within 1.3461-1.3409 with your take profit at 1.4249 and stop loss at 1.3090. In case there is a clear break above the line 1.4249 with a big green candle, wait for a retracement to it before you continue long with your next take profit at 1.5022. On the chart above, as long as price is contained above 1.3461-1.3409, only bullish position is ideal.
Trade recommendation
Buy GBP within 1.3461-1.3409 with your take profit at 1.4249.
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