Forex Technical Analysis: Trend potential – We are neutral temporarily


Technical observation

GBP has been rising steadily for several days now and it is currently trading with an increasing bullish bias slightly below a resistance zone it established at 1.1837-1.1855, today I expect a continuation of this upwards movement to the zone mentioned above followed by a possible bounce within it. My advice, remain neutral temporarily and wait for a retracement to the zone I have indicated above then sell a bounce within it with your take profit at 1.1428 and stop-loss at 1.1954. In case of a clear break above the zone 1.1837-1.1855, I can only recommend picking long positions after a second correction to the same zone.

Trade recommendation

Remain neutral temporarily.

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