31 December 2020, GBP/USD
Technical observation
GBP did not break below the supportive zone 1.3416-1.3409; it was contained above the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 1.4249 followed by a clear breakout above it for a further momentum to the upper side. My advice, if you bought GBP within the zone mentioned above after a bounce, remain long with your take profit at 1.4249 and stop loss at 1.3061. In case there is a clear breakout above the line 1.4249 with a big green candle, you can anticipate a further rise in price towards the upper resistance line 1.5022.
Trade recommendation
Remain long with your take profit at 1.4249.
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