26 January 2021, GBP/USD
Technical observation
On the daily chart above price is trading with an increasing bearish momentum within a channel s indicated on the chart above. In case of a loss of this bearish rally on the lower trend line 39417, I expect a rise to the resistance line 1.3759 followed by a clear breakout above it with a big green candle. However, should there be a clear break below the line 39417 with a big red candle, I expect a momentum to the lower side followed by a bounce within the supportive zone 1.3298-1.3336 to pick long positions with my take profit at 1.3759. Right now, remain neutral temporarily and buy a bounce at 39417.
Trade recommendation
Remain flat temporarily.
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