Forex Technical Analysis: Trend potential – Remain flat.


Technical observation

GBP declined to the supportive level 1.1820 but could not break below it, instead it bounced at the same line and since then it has been trading with an increasing bullish bias. This upwards movement is a pullback to the resistance zone price established at 1.26561.2617 and I expect a rise to it followed by a rejection within it. My advice, remain flat and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 1.1820 and stop-loss at 1.2842. If price breaks below the level 1.1820, I expect it to plummet towards 1.1412. I can only recommend bullish positions above the zone 1.26561.2617.

Trade recommendation

Remain neutral.

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