Expecting bullish movements towards 1.4615 | 25 August 2021

Technical observation

GBP retraced to the supportive zone 1.3661-1.3599 but could not break below it, price was contained above the zone and as long as it is above this zone, I expect nothing but a surge to the upper side towards the resistance level 1.4615. If you bought GBP within the zone I have mentioned above after a bounce, remain long with your take profit at 1.4615 and stop loss at 1.3226. If this take profit is hit and price clearly penetrates above it with a big green candle, I anticipate a further surge to the upper side after a pullback to the broken level. For the pair on the weekly chart above, I can only recommend short position below the zone 1.3661-1.3599.

Trade recommendation

Remain long with your take profit at 1.4615.