08 February 2022, GBP/USD
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.
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