10 September 2021, GBP/USD
Technical observation
Since its rejection within the supportive zone 1.3661-1.3599, GBP has been rose steadily for two consecutive weeks; this week however, price has been trading with an increasing bearish bias towards the zone I have mentioned above. Despite this bearish movement I still expect a momentum to the upper side to the resistance level 1.4615. My advice, if you picked long positions within the zone 1.3661-1.3599 after a bounce, remain in the trade with your take profit at 1.4615 and stop loss at 1.3355. Should there be a clear breakout above the line 1.4615 with a big green candle, I expect a further surge to the upper side.
Trade recommendation
Remain bullish with your take profit at 1.4615.
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