GBPUSD – Flat
Technical observation
Last week GBP declined to the supportive level 1.1414 but did not break below it, instead it bounced at the same line and it is currently trading with an increasing bullish bias. This week I expect further upward movement of price to the resistance zone 1.3418-1.3356 followed by a rejection within it, and my advice is you remain neutral and wait for pullback to the zone indicated above then pick short positions within it after a bounce with your take profit at 1.1414 and stop-loss at 1.3766. I expect further bearish movements of price in case of a clear break below the level 1.1414 and i can only recommend bullish positions above the zone 1.3418-1.3356.
Trade recommendation
Remain neutral.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
