Remain long | 07 May 2021

Technical observation

GBP is still trading with an increasing bullish bias above a support zone 1.3661-1.3599 and as long as price contained above this is zone, I expect it to surge to the upper side to the key level 1.4615. If you picked long positions within the zone 1.3661-1.3599 after a bounce, remain bullish with your take profit at 1.4615. In case sellers take control of the market and there is a clear breakout below the zone 1.3661-1.3599 with a big red candle, you can anticipate the value of this pair to plummet towards the supportive level 1.2565, before you pick short positions, wait for a retracement to the just broken zone and a rejection within it.

Trade recommendation

Remain long with your take profit at 1.4615.