11 Februari 2022, GBP/USD
Technical observation
GBP has been trading with an increasing bullish bias as I predicted at the beginning of the week and I expect it to continue further upwards towards the key level 1.4239. If you picked long positions within the zone 1.3435-1.3354 after a bounce, remain in the trade with your take profit at 1.4239 and stop loss at 1.3058. In case of a clear penetration above the level 1.4239 with a big green candle, I expect the value of this pair to ascend further towards the key level 1.5535. As it is on the weekly chart above, short positions can only be recommended in case of a clear breakout below the supportive zone 1.3435-1.3354.
Trade recommendation
Remain long with your take profit at 1.4239.