22 January 2021, GBP/USD
Technical observation
GBP retraced to the supportive zone 1.3623-1.3618 but could not break below it; it bounced within the zone then rose up to the resistance zone 1.3706-1.3700 with a big green candle. This pair is currently trading with an increasing bearish bias within the zone 1.3706-1.3700 and I expect a loss of this downward movement within it to pick long positions. My advice, buy a bounce within 1.3706-1.3700 with your take profit at and stop loss at 1.3745 and stop loss at 1.3672. On the hourly chart above, as long as price is contained above the zone 1.3706-1.3700, I can only anticipate a momentum to the upper side.
Trade recommendation
Pick long positions within 1.3706-1.3700 with your take profit at 1.3745.
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