Forex Technical Analysis: Trend potential – Re buy around (1.3841-1.3803)

GBPUSD – Flat

Re buy around (1.2242-1.2211)

Technical observation

After days of declining, GBPUSD is now approaching the key support zone (1.3841-1.3803),i expect a rejection of price within or around the zone for bullish movement of price towards 1.4363 or even further up if price breaks above 1.4363 and gets corrected to it, right now I’m waiting for a rejection of price around(1.3841-1.3803) to rebuy GBPUSD with my take profit at 1.4363 and stop loss around 1.3597.If it breaks above 1.4363 then I’ll wait for a correction to it before I continue long.In case there’s a breakout below the zone, wait for pullback to the zone to confirm bearish movement of price before you enter short positions towards 1.3304.

Technical levels

Resistance levels

R1.1.412

R2.1.4206

R3.1.4353

Pivot

1.4065

Support levels

S1.1.3973

S2.1.3911

S3.1.3764

Trade signal

Buy GBPUSD around (1.3841-1.3803)with your take profit at 1.4263 and stop loss around 1.3597.

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