We are bullish towards 1.3686 | 10 November 2021

Technical observation

GBP rose and penetrated above a zone it established at 1.3555-1.3547, price then retraced to the just broken zone and it was sustained above it, as long as GBP remains above this zone I can only recommend bullish positions for this pair. If you bought GBP on the second retracement to the zone 1.3555-1.3547, remain long with your take profit at 1.3686 and stop loss at 1.3499. In case of a clear breakout above the upper resistance zone 1.3697-1.3686 with a big green candle, I expect a further surge to the upper side to the resistance level 1.3812. Further bullish movements can be anticipated in case of a break above the level 1.3812.

Trade recommendation

Remain long with your take profit at 1.3812.