Technical Analysis Based on Breakout – Buy GBPUSD at (1.4136-1.4109)

GBPUSD – Flat

Technical observation

On the 4H chart above ,GBP traded on an upward trend for the past months with retracements at 1.3491,1.3761,1.3943 and recently to zone (1.4136-1.4109)it then continued up and is currently rallying above it. I expect a rejection at it to long GBP with my take profit at 1.4344 and stop loss slightly below 1.4109.If price breaks below this zone then I expect a massive drop of price towards 1.3491,if that happens I would advise you wait for a retracement to the broken zone before you short GBP with your first take profit at 1.3943,the next at 1.3761 and 1.3491.Right now only buy positions can be advised within (1.4136-1.4109).

Technical levels

Resistance levels

R1.1.4071

R2.1.4001

R3.1.3991

Pivot

1.3990

Support levels

S1.1.3975

S2.1.3969

S3.1.3953

Trade signal

Buy GBP within zone (1.4136-1.4109),with your take profit at1.4344 and stop loss slightly below 1.4109

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