Forex Technical Analysis: Trend potential – Remain neutral.


Technical observation

GBP is trading with an increasing bullish bias between the supportive level 1.1876 and a resistance level 1.1994, I expect a continuation of this upwards movement to the level 1.1994 followed by a bounce at it to pick short positions. My advice, remain neutral and wait for a correction to the resistance level mentioned above then sell GBP at it after a bounce with your take profit at 1.1876 and stop-loss at 1.2048. Continue short after a clear break below the level 1.1876, should there be a clear break above the resistance line marked at 1.1994 with a big green candle, I expect possible upwards movement of price towards the key level 1.2174.

Trade recommendation

Remain flat.

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