Forex Technical Analysis: Trend potential – Re buy around (1.3786-1.3738)

GBPUSD – Flat

Re buy around (1.3786-1.3738)

Technical observation

GBPUSD is currently trading with an increasing bullish momentum, price retraced twice at a support zone (1.3786-1.3738),currently it is rallying above it and I expect a correction of it to the zone (1.3786-1.3738) and a possible rejection of it at the Zone to re buy GBPUSD with my take profit at 1.4363 and stop loss around 1.3592.In case there’s a clear breakout of price below the (1.3786-1.3738) with a big red candle,wait for a retracement to the broken zone before you enter short positions with your target around 1.3304 or even lower to 1.3058 if 1.3304 is breached.

Technical levels

Resistance levels

R1.1.412

R2.1.4206

R3.1.4353

Pivot

1.4060

Support levels

S1.1.3973

S2.1.3911

S3.1.3764

Trade signal

Wait for a correction to (1.3786-1.3738) then re buy GBPUSD with your take profit at 1.4363 and stop loss around 1.3592.

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