Forex Technical Analysis: Trend potential – Wait for a correction to buy GBP

GBPUSD – Flat

Wait for a correction to buy GBP

Technical observation

Yesterday GBPUSD broke up above a key resistance line 1.4286 and is currently above it.I expect a correction to it followed by a rejection of price for a possible bullish movement of price towards 1.4604.My advice, wait for a correction to the broken line then long GBP with your take profit at 1.4604 and stop loss around 1.4213.In case of a breakout above 1.4604.wait for a correction to it then continue long with GBP.Short positions can only be advised in case there’s a breakout below the zone (1.3999-1.3965) followed by a retracement to the zone. Right now wait for a correction to 1.4286 to buy GBP.

Technical levels

Resistance levels

R1.1.4271

R2.1.431

R3.1.4412

Pivot

1.4208

Support levels

S1.1.4168

S2.1.4106

S3.1.4003

Trade signal

Wait for a correction to 1.4286 to buy GBP.

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.