Forex Technical Analysis: Trend potential – Wait for a pullback to re-sell GBP


Technical observation

This week GBP opened bullish slightly above the supportive level 1.1657 and I expect a continuation of this upwards movement towards the resistance zone 1.3439-1.3355 followed by a bounce within it to re-sell GBP with my take profit at 1.1657 and stop-loss at 1.3771. Should there be a clear break below the level 1.1657 with a big red candle, wait for a correction to the broken line and a bounce at it before you continue short, on the other hand in case of a clear break above the zone 1.3439-1.3355, I expect the value of the pair above to ascend towards the resistance level 1.4788 or even higher to the level 1.6732.

Trade recommendation

Remain neutral.

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