Forex Technical Analysis: Trend potential – We are bullish towards 1.2650


Technical observation

On the 4 hour chart above, the price bounced within the supportive zone 1.1827-1.1738 then rose for a while, however, yesterday this pair retraced slightly towards the zone I have mentioned above and i expect a loss of this bearish movement followed by a rally to the upper side. If you are holding bullish positions with the pair above, I recommend that you remain in the trade with your take profit at 1.2650 and stop-loss at 1.1366. In case of a clear break above the level 1.2650 wait for a correction and a bounce at it before you continue long with GBP towards the resistance levels 1.3610, 1.4376 or higher.

Trade recommendation

Remain bullish with your take profit at 1.2650.

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