Forex Technical Analysis: Trend potential – Buy GBPUSD now

GBPUSD – Flat

Technical observation

GBPUSD is on an upward trend. On the way up. Price retraced at a support zone 1.3330-1.3713twice before moving up making it a key support zone. Currently price is within the zone and I expect a rejection of it within it for bullish movements of GBP towards the resistance line 1.4701 and a breakout above it for a further rise in price.Im looking to buy GBP now with my take profit at the resistance line 1.4701 and stop loss below 1.3713.In case of a breakout above 1.4701 remain long with GBP.If price goes below 1.3330-1.3713 with a big red candle, sell GBP after the second retracement to the zone.

Technical levels

Resistance levels

R1.1.3959

R2.1.4138

R3.1.4423

Pivot

1.3853

Support levels

S1.1.3675

S2.1.3568

S3.1.3283

Trade signal

Buy GBP now with your take profit at 1.4701 and stop loss below 1.3713.

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