GBPUSD – Flat
On the 4hour chart above price is rallying around a key resistance zone 1.2706-1.2665,my expectation is rise to it followed by a bounce within or around it for possible bearish price rally towards 1.2476 or down to the level 1.2425.You can wait for the rise to the above mentioned zone and a bounce within it to pick short position with your take profit at 1.2476 and stop loss at 1.2773. Should there be a clear penetration above 1.2706-1.2665 then bullish momentum will be anticipated towards 1.2927 but as long as this pair is contained below 1.2706-1.2665 only short positions look ideal and may be recommended.
Wait for a correction to 1.2706-1.2665 to sell 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.