28 January 2021, GBP/USD
Technical observation
GBP declined and broke below a supportive level it established at 1.3703. Right now, it is trading with an increasing bullish bias below the same line and i expect this upwards movement to continue to it followed by a bounce it to pick short positions towards 1.3607. My advice, wait for a correction to the line 1.3703 and a rejection at it to sell GBP with your take profit at 1.3607 and stop loss at 1.3731. On the chart above, as long as price is contained below the line 1.3703, you can only anticipate a momentum to the lower side. As it is I can only recommend bullish positions above the line 1.3703.
Trade recommendation
Wait for a correction to the line 1.3703 to sell GBP with your take profit at 1.3607.
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