Technical Analysis Based on Breakout – Wait for correction to rebuy

GBPUSD – Flat

Wait for correction to rebuy

Technical observation

Recently GBPUSD broke above a resistance zone (1.3384-1.3243),and is currently still above it.as long as price remains above this zone I expect a possible bullish momentum towards 1.4604.I expect a pullback to the zone and a rejection of price at the zone to buy GBP with my take profit at 1.4606,Ican still wait for a breakout above 1.4604 then buy GBP after a correction to the line with my take profit at 1.5749, right now ,as long as price remains above (1.3384-1.3243),only long positions can be recommended towards 1.5749.If price breaches below the zone then wait for a retracement at it before you enter short positions .

Technical levels

Resistance levels

R1.1.3959

R2.1.4063

R3.1.4284

Pivot

1.3842

Support levels

S1.1.3738

S2.1.362

S31.3399

Trade signal

Wait for a breakout above 1.4604 then buy GBP after a correction to the line with your take profit at 1.5749 and stop loss at 1.4267.

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