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Expecting a rally to the level 1.4615

Expecting a rally to the level 1.4615 | 25 June 2021

25 June 2021, GBP/USD

Technical observation

Since it bounced above the supportive zone 1.3661-1.3599, GBP has been trading with an increasing bullish bias and I expect this upwards movement to continue to the resistance level 1.4615 followed by either a clear penetration above it with a big green candle or a rejection at it followed by another correction to the zone I mentioned above. If you bought GBP after a bounce, remain in the trade with your take profit at 1.4615 and stop loss at 1.3279. In case of a clear breakout above the resistance level 1.4615 with a big green candle, I expect a further momentum to the upper side after a retracement to it. You can expect bearish movements below the zone 1.3661-1.3599.

Trade recommendation

Remain long with your take profit at 1.4615.

Imelda Maseno
Analyst of «FreshForex» company
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