05 Februari 2021, GBP/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish momentum above a supportive zone 1.3461-1.3409. I expect this bearish movement to continue to the zone mentioned above, followed by a rejection within it to pick long position. My advice, remain flat temporarily and wait for a correction to 1.3461-1.3409 and a rejection within it to buy GBP with your take profit at 1.4249 and stop loss at 1.3040. In case of a clear penetration above the line 1.4249 with a big green candle, wait for a pullback to it and a bounce confirming a further momentum to the upper side before you continue long.
Trade recommendation
Remain flat temporarily.
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