Forex Technical Analysis: Trend potential – Looking to buy within 1.3916-1.3912

GBPUSD – Flat

Looking to buy within 1.3916-1.3912

Technical observation

GBP broke above a resistance zone 1.3916-1.3912 with a big green candle and then rose for some time. It is currently trading with an increasing bearish bias between the zone mentioned above and a resistance line 1.3998. I expect this downwards movement to continue to the supportive zone 1.3916-1.3912 followed by a rejection within it to pick long positions. My advice, wait for a correction to the supportive zone 1.3916-1.3912 and a buy a bounce within it with your take profit at the resistance level 1.3998 and stop loss at the 1.3887. On the chart above, as long as GBP is contained above 1.3916-1.3912, I can only recommend long positions.

Trade recommendation

Wait for a pull back to 1.3916-1.3912 to buy GBP.

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