We're bullish | 13 May 2021

Technical observation

This week GBP has been rising steadily and I expect a continuation of this bullish movement towards the resistance level 1.4615. If you picked long positions within the zone 1.3599-1.3661 after a bounce, remain long with your take profit at 1.4615 and stop loss at 1.3282. In case there is a clear breakout above the level 1.4615 with a big green candle, this will indicate a further momentum to the upper side hence you can continue long with this pair towards the upper resistance level marked at 1.5891 after a retracement to the just broken line. You can only expect bearish movements in case there is a clear breakout below the supportive zone 1.3599-1.3661.

Trade recommendation

Remain long with your take profit at 1.4615.