Forex Technical Analysis: Trend potential – Wait for a correction to 1.2681 to buy GBP.

GBPUSD – Flat

Wait for a correction to 1.2681 to buy GBP.

Technical observation

GBP went above a resistance level 1.2681 before pulling back to it.Currently price is rallying on an increasing bearish momentum towards the level. My expectation is a rejection of it at the line for bullish rally towards 1.2883-1.2864.While the price is contained above 1.2681, I believe GBP is within buyers reach. As it is i am waiting for the correction to 1.2681 and a clear bounce sign to buy GBP with my take profit at 1.2864 and stop loss at 1.2606 and should the price ascend above it then I’ll wait for a correction to the just broken zone to confirm further bullish price rally before I continue long with this pair towards 1.3074.

Trade recommendation

Wait for a correction to 1.2681 to buy GBP.

Be the first to get $5 for participation in the webinar 8.30 GMT!

BECOME FRESHFOREX ANALYST!

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