Expecting a rally to the level 1.4627 | 09 November 2021

Technical observation

Last week, the value of the pair on the chart above bounced at the supportive zone 1.3462-1.3412 as I had predicted and as long as it is contained above this zone I can only recommend bullish position for this pair. If you bought GBP within the supportive zone mentioned above, I would advise you hold on to that position with your take profit at 1.4627 and stop loss at 1.3060. Should there be a clear breakout below the same zone with a big red candle, I expect price to descend to the supportive level 1.2020 after a correction to the broken zone. You can only pick short positions after a second pullback to the broken zone.

Trade recommendation

Remain long with your take profit at 1.4627.