25 February 2021, GBP/USD
Technical observation
Since it broke above the resistance line 1.3981, GBP is still trading with an increasing bullish bias. However, I expect a loss of this upwards movement followed by a pullback to the just broken line and a bounce at it to pick long positions. My advice, remain flat and wait for a correction to the line 1.3981 to buy GBP with your take profit at 1.4390 and stop loss at 1.3723. In case price is not contained above the level 1.3981 and instead it penetrates below it, wait for a correction to the line and a bounce confirming bearish movements of price before you pick short positions with your take profit at 1.3386.
Trade recommendation
Remain flat.
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