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Wait and buy a rejection from the lower trendline.

Wait and buy a rejection from the lower trendline. | 04 May 2021

04 May 2021, GBP/USD

Technical Observation

Last week, we saw a surge to the upperside after a breakout above the upper trendline. As we are looking at this chart now, we are looking for long term buy positions expecting the price to rally much higher with our targets set at 1.2183 and 1.23. If the price breaks above these levels, then further momentum to the upperside is expected. As it on the daily chart above, we are waiting for a rebound from the same trendline to pick a possible buy position.

Trade Recommendations:

Wait and buy a rejection from the lower trendline.

Imelda Maseno
Analyst of «FreshForex» company
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