Technical Analysis Based on Breakout – Wait for a correction to rebuy

GBPUSD – Flat

Wait for a correction to rebuy

Technical observation

On the daily chart above,GBP is currently retracing to a support line 1.4072 and I expect a possible rejection at the line for a bullish momentum towards 1.4375,in case the pair goes below 1.4072 then i would remain flat and wait for a correction to the lower support line 1.3840 then buy the pair around It with my take profit at 1.4357.If there’s a clear breakout below 1.3840 then I would wait for a pullback to the line to confirm a bearish move before I enter short positions. Right now as long as 1.3840 protects the upper side only long positions can be advised.

Technical levels

Resistance levels

R1.1.4254

R2.1.4347

R3.1.4498

Pivot

1.4200

Support levels

S1.1.4103

S2.1.4044

S3.1.3892

Trade signal

Wait for a pullback to buy GBP with your take profit at 1.4357 and stop loss at 1.3979

FreshForex cancels commissions!

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