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Expect a rally towards 1.3674.

Expect a rally towards 1.3674. | 12 October 2021

12 October 2021, GBP/USD

Expect a rally towards 1.3674.

Technical observation

On the chart above, price retraced to a lower trend level for a third time as indicated above but could not break below it, it bounced at the line and is currently trading with an increasing bullish bias. As long as this pair is contained above the trend line as indicated, I expect price to ascend to the resistance zone 1.3685-1.3674 followed by either a clear breakout above with a big green candle, or a bounce at it followed by another retracement to the same trend line. If you are currently long with this pair, remain in the trade with your take profit at 1.3674 and stop loss at 1.3553. For the pair above I can only recommend short positions below 1.3582.

Trade recommendation

Remain long with your take profit at 1.3674.

Imelda Maseno
Analyst of «FreshForex» company
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