GBPUSD – Flat
Technical observation
Just like EUR, GBP bounced within a zone 1.2576-1.2663 and it is currently trading with an increasing bearish bias. If you picked short positions within the zone indicated above, remain in the trade with your take profit at the supportive level 1.0368 and stop-loss at 1.3068. Should the price clearly break below the level 1.0368, I expect it to plunge further after it has retraced to the broken line, on the other hand, if there is a clear penetration above the zone 1.2576-1.2663 with a big green candle, I anticipate possible bullish movements of price towards the resistance levels 1.4236 and 1.6725 after a pullback to the broken zone.
Trade recommendation
Remain short with your take profit at 1.0368.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
