Forex Technical Analysis: Trend potential – Remain flat.


Technical observation

GBP is trading with an increasing bullish bias above the supportive level 1.888 and as long as it does not penetrate below this level, I expect possible bullish momentum to the resistance zone price established at 1.2655-1.2605 followed by a bounce within it to re-sell this pair with my take profit at 1.888 and stop-loss at 1.2839. If there is a clear break below the level 1.888, I expect the value of GBP to descend towards the key level 1.1413, but in case of a clear break above the resistance zone 1.2655-1.1605, I expect possible bullish movements of price towards the resistance level 1.3262, or even higher to the key level 1.3969.

Trade recommendation

Wait for a correction to the zone 1.2655-1.2605.

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