We are long towards 1.4239 | 08 February 2022

Technical observation

Last week GBP rose with a big green candle following a retracement and a bounce within the supportive zone 1.3435-1.3354, this week I expect a further momentum to the upwards side to the resistance level 1.4239. If you picked long positions within the zone 1.3435-1.3354 after a bounce, remain long with your take profit at 1.4239 and stop loss at 1.3053. Should there be a clear breakout above the resistance line 1.4239 with a big green candle, I expect the value of this pair to ascend further after a retracement to the broken line. As it is on the chart above, I can only recommend bearish positions below the zone 1.3435-1.3354.

Trade recommendation

Remain long with your take profit at 1.4239.