Pick long positions within 1.3661-1.3599 | 24 September 2021

Technical observation

GBP has been trading with an increasing bearish bias towards the supportive zone 1.3661-1.3599, this week it declined and sent a tail to the level 1.3599 but could not penetrate below it, and as long as price is sustained above the zone 1.3661-1.3599, I can only recommend buy positions, however, if there is a clear break below the same zone with a big red candle, I expect price to plunge to the supportive level 1.2565 after a retracement to the broken zone. My advice, place a pending buy limit order within the zone 1.3661-1.3599 with your take profit at 1.4615. If you are a bit skeptic to place a limit order right now, wait for a rejection within the zone mentioned above to buy GBP.

Trade recommendation

Place a pending buy limit order within the zone 1.3661-1.3599.