Forex Technical Analysis: Trend potential – Remain short towards 1.2113.


Technical observation

Just like EUR, this pair was rejected within a resistance zone 1.2752-1.2696 after failing to break above it, it then went down yesterday and is still declining towards a support 1.2113, my expectation is a rally to the support followed by either a rejection at it for a correction to 1.2752-1.2696, or a clear breakout below it with a big red candle and a correction to it for a further decline in price towards 1.1526, In case you sold this pair yesterday within 1.2752-1.2696, remain short with your take profit at 1.2113 and stop loss at 1.2928.As long as this pair is contained below 1.2752-1.2696, only short positions can be recommended for GBP.

Trade recommendation

Remain short towards 1.2113.

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