Wait | 23 February 2022

Technical observation

On the 4 hour chart above price rose up to the resistance level 1.3641 as I had anticipated but it could not break above it, instead it bounced at the line and since then it has been trading with an increasing bearish bias, I expect a continuation of this downwards movement to the supportive zone 1.3522-1.3510 followed by a rejection within it to re-buy GBP with my take profit at 1.3641 and stop loss at 1.3459. As long as GBP is sustained above the zone 1.3522-1.3510, I can only recommend bullish positions for this pair and in case of a clear breach above the level 1.3641 with a big green candle, I anticipate a further surge towards 1.3751.

Trade recommendation

Wait for a correction to the zone 1.3522-1.3510 to buy GBP.