Remain long | 05 May 2021

Technical observation

GBP retraced to the supportive zone but could not break below it; it bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.4615 and in case of a breakout above it with a big green candle, you can expect a further increase towards the upper key level 1.5891. My advice, if you went long within 1.3661-1.3599 after a bounce, remain long with your take profit at 1.4615 and stop loss at 1.3272. As it is on the weekly chart above, I can only recommend short positions below the zone 1.3661-1.3599 towards the key level 1.2565.

Trade recommendation

Remain long with your take profit at 1.4615.