Forex Technical Analysis: Trend potential – Buy GBP within 1.3027-1.3013

GBPUSD – Flat

Technical observation

On the 4Hour chart above, GBP/USD went above a key resistance zone 1.3027-1.3013 with a big green candle and is still rallying above it, I expect a correction to the just broken zone and a bounce within it followed by bullish momentum of GBP towards the resistance 1.3243.My advice, wait for a correction to the above mentioned zone then pick long positions within it with your take profit at 1.3243 and stop loss slightly below 1.3013.Should there be a break above 1.3243,wait for a retracement to it before you continue long with this pair. Right now only long positions look ideal and can be advisable on the chart above.

Trade signal

Buy GBP/JPY within 1.3027-1.3013 with your take profit at 1.3243 and stop loss slightly below 1.3013.

Do you know against which currencies GBP is the most profitable?

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