Expecting a rally to the level 1.4242 | 19 November 2021

Technical observation

Since it bounced at the supportive zone 1.3408-1.3354, this week the value of the pair on the chart above has been trading with an increasing bullish bias and as long as it remains above this zone i expect a continuation of this bullish movement to the resistance level 1.4242. If you bought GBP within the zone mentioned above after a bounce, remain long with your take profit at 1.4242 and stop loss at 1.3047. Further bullish movements can be anticipated in case of a clear breakout above the level 1.4242 with a big green candle, on the other hand, a momentum to the lower side is expected in case of a penetration below the zone 1.3408-1.3354.

Trade recommendation

Remain long with your take profit at 1.4242.