17 February 2021, GBP/USD
Technical observation
On the weekly chart above, price is trading with an increasing bullish momentum above a supportive zone 1.3461-1.3409, I expect this upwards movement to continue to the resistance line 1.4249 followed by either a bounce at it or a clear breakout above it with a big green candle. If you bought GBP within the zone 1.3461-1.3409 after a bounce, remain long with your take profit at 1.4249 and stop loss at 1.3060. If price breaks above the line 1.4249 with a big green candle, wait for a pullback to it and a bounce confirming a further momentum to the upper side before you continue long with this pair. On your way upward the key levels to look for include; 1.4249, 1.5022 and the line 1.5737.
Trade recommendation
Remain bullish with your take profit at 1.4249.
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