08 June 2022, GBP/USD
Technical observation
On the 4 hour chart above price pulled back to the supportive zone it established at 1.2498-1.2469 but did not break below it, instead it bounced within the same zone and since then it has been trading with an increasing bullish bias. I expect a continuation of this upwards movement towards the supportive level 1.2758 followed by either a clear break above it with a big green candle, or a bounce at it followed another correction to the zone I have mentioned above. If you are currently holding bullish positions with the pair above, remain in trade with your take profit at 1.2758 and stop-loss at 1.2338. I can only recommend short positions below the zone 1.2498-1.2469.
Trade recommendation
Remain long with your take profit at 1.2758.
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