GBPUSD – Flat
Technical observation
On the daily chart above, GBP retraced at a support zone 1.3787-1.3754 twice but could not penetrate below it, price then rose up to a resistance line1.4336 but got rejected then declined steadily towards the zone. I’m waiting for another retracement to this zone to pick a long position with my take profit at 1.4336.If this resistance line is broken, then I’ll wait for a retracement to the just broken line to pick a buy trade with my take profit set at 1.4701.According to the daily chart above, long positions seems more ideal and can safely be recommended especially while price is above the zone.
Technical levels
Resistance levels
R1.1.4056
R2.1.411
R3.1.4192
Pivot: 1.4031
Support levels
S1.1.3974
S2.1.3947
S3.1.3865
Trade signal
Looking to buy around 1.3787-1.3754 with my take profit at 1.4336 and stop loss around 1.3595.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.