Forex Technical Analysis: Trend potential – Expecting a rally towards 1.2250


Technical observation

On the chart above, the price has been rising steadily for a while now and it is currently trading with an increasing bullish bias slightly below the resistance zone 1.2250-1.2267; I expect s rejection of price within the same zone followed by a correction to the level 1.1821. If you are holding bullish positions right now, remain in the trade and pick your profits at the level 1.2250, on the other, if you are neutral with GBP with for a correction to the level 1.1821 to buy. Should there be a clear break below the level 1.1831 you can expect the value of this pair to plummet towards the supportive levels 1.1050 and 1.0363 after a correction to the broken line.

Trade recommendation

Remain long with your take profit at 1.2250.

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