Expect a rally towards 1.4615. | 06 September 2021

Technical observation

GBP bounce within the supportive zone 1.3661 and for several the pas two consecutive weeks it has been trading with an increasing bullish bias.This week I expect a continuation of this upwards movement to the resistance level 1.4615 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the zone mentioned above. 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 1.3326. Should there be a clear breakout below the zone 1.3661-1.3599 with a big red candle, I expect price to plummet to the lower side.

Trade recommendation

Remain long with your take profit at 1.4615.