23 February 2021, GBP/USD
Technical observation
GBP rose and penetrated above a resistance line 1.3981 with a big green candle and is currently trading above the same line with an increasing bullish momentum. However, I expect a loss of this upwards movement followed by a correction to the line mentioned above. My advice, remain flat and wait for a correction to the line 1.3981 and a bounce at it to buy GBP with your take profit at 1.4405 and stop loss at 1.3737. In case price is not contained above the line 1.3981 and it penetrates below it with a big red candle, wait for a correction to the just broken line and a bounce at it before you short GBP towards 1.3386.
Trade recommendation
Remain flat.
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