Forex Technical Analysis: Trend potential – Wait for a correction to re buy

GBPUSD – Flat

Wait for a correction to re buy

Technical observation

Yesterday at 2000hrs GBPUSD broke above a key resistance zone (1.4045-1.4023), price then tried going up but was pulled back to the zone and got rejected then went up. Currently price is still rallying above the zone and I expect a pull back and a possible rejection of it at or around the zone to enter long positions. If you had not bought the pair then my advice, is wait for the correction to the zone then buy GBP with your first take profit at 1.4261 and the next at 1.4342 and your stop loss.4023) around 1.3970.Short positions can only be recommended after a breakout below (1.4045-1.4023) towards 1.3833.

Technical levels

Resistance levels

R1.1.3839

R2.1.3847

R3.1.3862

Pivot

1.3832

Support levels

S1.1.3824

S2.1.3817

S3.1.3802

Trade signal

Wait for a correction to (1.4045-1.4023) then buy GBP with your first take profit at 1.4261 and the next at 1.4342 and your stop loss.4023) around 1.3970.

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