GBPUSD surge to retest the area at 1.2834-77, Expecting a downward movement

Rupak Roy PreferForex

After breaking the last low, GBPUSD is now rebounded to retest our expected resistance area at 1.2834-77 which was acting as support previously. The long term view is still bullish. It is expected a bearish movement from this area targeting 1.2705 followed by 1.2620. But the scenario will be invalid if the price break the recent high at 1.3046 and that time price the bullish bias will be more significant.

Trading Recommendation:

Sell Limit at 1.2870 Stop Loss 1.2970

Take Profit 1.2770, 1.2650

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2808
2. R2 1.2795
3. R1 1.2785
PP 1.2772
1. S1 1.2762
2. S2 1.2749
3. S3 1.2739

Author

Rupak Roy

PreferForex

Founder of PreferForex, a reference website for FX traders For Education and Market Analysis. Roy holds Electronic and Electrical Engineering Degree. He has accumulated 8 years of forex market trading and deep market analysis knowledge.

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