GBPUSD – Flat
Technical observation
GBP is trading with an increasing bullish bias slightly below the resistance zone 1.2318-1.2302 and I expect a further rise to the same zone followed by a rejection of price within it to pick sell positions with my take profit at the level 1.1778 and stop-loss at 1.2429. In case of a clear penetration below the supportive level 1.1778 with a big red candle, I expect this pair to plummet further after a correction of price to the broken line and a bounce at it, however if there is a clear break above the zone 1.2318-1.2302, I expect the value of GBP to ascend towards the resistance level 1.2655 or even higher to the level 1.3194.
Trade recommendation
Remain flat temporarily.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
