01 Tháng hai 2022, GBP/USD
Technical observation
GBP declined to the supportive level it established at 1.3357 but it could not break below it, instead, price bounced at the line and since then it has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 1.3499-1.3507 and I expect a loss of price within it to pick short positions with my take profit at 1.3357and stop loss at 1.3561. In case of a clear breakout below the supportive level 1.3357 with a big red candle, I expect price to descend further to the lower supportive line 1.3183. I can only recommend bullish positions in case of a clear breakout above the zone 1.3499-1.3507.
Trade recommendation
Remain neutral.
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