Forex Technical Analysis: Trend potential – Remain long with your take profit at 1.2886.

GBPUSD – Flat

Remain long with your take profit at 1.2886.

Technical observation

GBP/USD is rising towards the resistance 1.2886, yesterday price pulled to the key supportive zone marked at 1.2716-1.2698, it was rejected and so could not penetrate below it. I expect bullish price rally towards 1.2886 followed by a breakout above it and a rise to 1.3072.If you recently bought this pair within the above mentioned zone you can hold on to that position with your take profit at 1.2886 and stop loss at 1.2640.Should there be a clear penetration above 1.2886, wait for a correction to it confirming further bullish price rally before you continue long with GBP. Only long positions may be advisable for the pair on the chart above.

Trade recommendation

Remain long with your take profit at 1.2886 and stop loss at 1.2640.

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