02 Februari 2021, GBP/USD
Technical observation
On the chart above, price retraced to a trend line 57914 but did not break below it, it bounced at it and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the upper trend line 57967 followed by either a clear breakout above it with a big green candle, or a rejection at it for another correction to the line 57914. If you bought GBP at 57914 after a bounce, remain long with your take profit at 57967 and stop loss at 1.3607. In case of a breakout below line 57914 with a big red candle, I expect a retracement to it followed by a possible surge in price to the supportive level 1.3465.
Trade recommendation
Remain long with your take profit a 57914
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