Forex Technical Analysis: Trend potential – Long from 1.3860

Technical Observation:
Gbp is currently trading few pips above it’s daily pivot line seen at 1.3907. While the price is contained above this pivot line, I expect a momentum towards 1.4640. Earlier today, Gbp pulled back upwards from 1.3860. I expect this to be an onset of a bullish rally with my take profit set 1.4640. On the way upwards, the key lines to look for include 1.4160, 1.4370, and 1.4640. As it is, only a long position can be recommended, but if the price breaks below 1.3860, then I may consider a short position towards 1.3315.
Technical Levels
Resistance levels
R1: 1.3966
R2: 1.4053
R3: 1.4199
Support Levels
S1: 1.3615
S2: 1.3761
S3: 1.382
Trade Signal
Long from 1.3860 towards 1.4640

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