Forex Technical Analysis: Trend potential – Remain long with your take profit at 1.3000.


Technical Observation

After establishing a resistance around 1.3000, GBPUSD retraced back to the lowerside but could not go below the 23.6% fib level. We went long following the bounce from the 23.6% fib level and is still holding, we expect the price to continue to the upperside and should head straight towards 1.3000. If this swing high is broken, then we expect a possible momentum to the upperside with an ideal take profit at 1.32451. But on the other side, should the price break below the 23.6% fib line, then we expect a sell towards 38.2% Fib level.

Trade Recommendations:

Remain long with your take profit at 1.3000.

You may check other analytical reviews on FreshForex website. Source: