09 February 2021, GBP/USD
Technical observation
On the daily chart above, GBP is rallying upwards within an increasing channel. It retraced to the lower trend line 57574 but did not break below it; it bounced at the line and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the upper trend line 57584 followed by either a break above it with a big green candle, or, a bounce followed by another correction to the line 1.57574. If you are currently long with this pair, remain so and pick your profits at 57584 with your stop loss at 1.3386. In case of a clear breakout below the line 57574, I expect bearish movements of GBP.
Trade recommendation
Remain long with your take profit at 57585.
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