Forex Technical Analysis: Trend potential – Wait for a correction to 1.2716-1.2698 to re-buy GBP.

GBPUSD – Flat

Wait for a correction to 1.2716-1.2698 to re-buy GBP.

Technical observation

On the 4 hour chart above price went above a resistance zone it established around 1.2716-1.2698 with a big green candle, it then pulled back to the just broken zone but could not penetrate below it and was contained before rising , right now GBP is rallying between the supportive zone 1.2716-1.2698 and a resistance level 1.2886, I expect another correction to 1.2716-1.2698 and a rejection within it to re-sell this pair with my take profit at 1.2889 and stop loss at 1.2617, as long as GBP as contained above 1.2716-1.2698 only long positions look ideal and may be recommended. Remain long after a breakout above 1.2886 and a correction to it.

Trade recommendation

Wait for a correction to 1.2716-1.2698 to re-buy GBP.

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