Forex Technical Analysis: Trend potential – We are neutral


Technical observation

GBP is trading with an increasing bearish bias at the supportive level 1.2026 and I expect either a clear break below the same line or a rejection of price at it. My advice, remain flat and wait for correction to the resistance zone 1.4432-1.4245 then sell a bounce within it with your take profit at 1.2026 and stop-loss at 1.5025, In case of a clear break below the it level 1.2026, wait for a correction to the same in e and a bounce at it before you continue short, however, in case of a penetration above the zone mentioned above, I expect bullish movements of price towards the resistance level 1.6670 or even higher to 1.9339.

Trade recommendation

Remain flat.

You may check other analytical reviews on FreshForex website. Source: