Forex Technical Analysis: Trend potential – Re-sell within 1.3315-1.3281.

GBPUSD – Flat

Re-sell within 1.3315-1.3281.

Technical observation

GBP/USD went down as predicted but did not reach the support 1.2904,currently it is pulling back to the zone 1.3315-1.3281 and my expectation is a bounce within it for possible downwards movement of price towards 1.2904 and a possible breach below it for a further decline in price towards 1.2624.I’m looking to re-sell this pair within the above mentioned zone with my target at 1.2904 and my stop loss slightly above 1.3315.Should there be a clear breakout above 1.3315 with a big green candle, I’ll wait for a correction to it confirming possible bullish momentum of price before i pick long positions towards 1.3756.

Technical levels

Resistance levels

R1.1.3225

R2.1.3298

R3.1.341

Pivot

1.3194

Support levels

S1.1.3113

S2.1.3073

S3.1.2961

Trade signal

Re-sell GBP/USD within 1.3315-1.3281.

Do you know against which currencies GBP is the most profitable?

Re-sell within 1.3315-1.3281.

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