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

GBPUSD – Flat

Re buy GBP around (1.3786-1.3738)

Technical observation

The pair on the daily chart above went up a resistance zone, (1.3786-1.3738), price then retraced to it twice then up to a key line 1.4263 but could not penetrate above it and got rejected. Currently the pair is rallying toward the support zone and I expect a possible rejection of it at the zone to rebuy GBP with my take profit at 1.4263 and stop loss around 1.3597.If price breaks below the zone, wait for a retracement to it before you enter short positions with your target at 1.3304,and in case price breaks above 1.4263,wait for a retracement to it then continue long.

Technical levels

Resistance levels

R1.1.412

R2.1.4206

R3.1.4353

Pivot

1.4063

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 1.4263 and stop loss around 1.3597.

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