Remain long | 10 May 2021

Technical observation

GBP is rallying to the upper side with a big green candle and as long as it is sustained above the zone 1.3599-1.3661, you can only expect bullish movements of price. However, in case of a clear penetration below the same zone, you can anticipate a change in the direction of price to the lower side. My advice, if you picked long positions within the zone mentioned above after a bounce, remain in the trade with your take profit at 1.4615 and stop loss at 1.3328. However, should there be a break below the zone 1.3599-1.3661 with a big red candle, wait for a retracement to it and a bounce before you pick short positions towards 1.2565.

Trade recommendation

Remain long with your take profit at 1.4615.