Forex Technical Analysis: Trend potential – Place pending sell limit orders around 1.25710.

GBPUSD – Flat

Technical Observation

GBPUSD is currently bouncing off from a significant daily resistance level 1.25337, while the price remains below this level, I expect a possible decline from around the previous day’s highest high, with stoploss slightly above and take profit at 1.24290. Conservative traders should place their pending sell limit orders around 1.25710, stop loss above 1.259900 and take profit at 1.24290. On its ways downwards, the key levels we’re looking for include 1.24855, 1.24575 and 1.24290. A break below these levels will push price further to the lowerside.

Trade Recommendations:

Place pending sell limit orders around 1.25710.

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