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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