24 February 2021, GBP/USD
Technical observation
On the weekly chart above, price rose steadily to the resistance line 1.4249 and it is currently trading at it. I expect a loss of this upwards movement at the same lone followed by a retracement to the supportive zone it established at 1.3461-1.3409 and a bounce within it to pick long positions. My advice remain flat and wait for a correction to the zone 1.3461-1.3409 and a bounce within it to buy GBP with your take profit at 1.4249 and stop loss at 1.2922. In case of a clear breakout above the line 1.4249 with a big green candle, you can expect further bullish movements of price towards the level 1.5022.
Trade recommendation
Remain neutral.
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