26 February 2021, GBP/USD
Technical observation
On The weekly chart above, price did not break above the line 1.4249; it bounced at it and is currently trading with an increasing bearish bias. This bearish movement is a correction to the supportive zone 1.3461-1.3409 and I expect a loss of it within the zone to pick long positions. My advice, remain flat with this pair and wait for a correction to the zone mentioned above and a rejection within to buy GBP with your take profit at 1.4249 and stop loss at 1.3055. In case of a clear break above the line1.4249 with a big green candle, you can anticipate a further rise in price towards the line 1.5022.
Trade recommendation
Remain flat.
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