06 March 2023, GBP/USD
Technical observation
GBP is trading with an increasing bullish bias slightly above the supportive zone it established at 1.1828-1.1853 and I expect it to rally further up to the trend line indicated on the chart above followed by a rejection at it. If you are currently holding bullish positions with this pair, you can remain in the trade but not for long and pick your profits around 1.2128. In case the price clearly penetrates below the zone 1.1828-1.1853 with a big red candle, wait for a correction to the broken zone and a bounce within it before you pick short positions and on your way downwards the key level to look for are 1.1050 and 1.0363.
Trade recommendation
Remain long with your take profit at 1.2128.
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