Remain bullish | 29 October 2021

Technical observation

Just like EUR, GBP has also been rising steadily above a supportive zone it established at 1.3661-1.3599, I expect a continuation of this upwards movement to the resistance level 1.4615 and at this level there is a possibility of either a clear penetration above it with a big green candle, or a rejection at it followed by a pullback to the zone I have mentioned above. In case of a break above the level 1.4615, wait for a correction to it before you long GBP towards the upper resistance level 1.5891. On the other hand, if price is rejected at the level 1.4615, wait for another correction to the zone 1.3661-1.3599 to buy GBP. Right now remain long with this pair with your take profit at 1.4615 and stop loss at 1.3321.

Trade recommendation

Remain bullish with your take profit at 1.4615.