14 February 2022, GBP/USD
Technical observation
On the chart above I expected price to decline on Friday however it rose towards the resistance zone 1.3610-1.3582, however, price closed below the zone and as long as it is retained below this zone I expect it to rally to the lower side. My advice, pick short positions within the zone I have mentioned above with your take profit at 1.3157 and stop loss at 1.3742. In case of a clear breakout below the level 1.3157 with a big red candle, I expect a pullback to the broken line followed by a further momentum to the upper side, on the other hand, should there be a break above the zone 1.3610-1.3582, I expect price to ascend towards 1.3966.
Trade recommendation
Pick short positions within the zone 1.3610-1.3582 with your take profit at 1.3157.
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