Forex Technical Analysis: Trend potential – Remain short towards 1.2698.

GBPUSD – Flat

Remain short towards 1.2698.

Technical observation

The pair on the daily chart above was rejected around the resistance zone 1.3316-1.3271 and is currently rallying with an increasing bearish momentum. In case you picked short positions within the above mentioned zone you can hold on to that position with your take profit at 1.2698 and stop loss at 1.3519 but if you had not sold this pair yet you can still sell it now with your ideal target at 1.2698.Should there be a clear penetration above 1.3316 with a big green candle followed by a pullback to it then bullish price rally will be anticipated towards the key resistance level marked at 1.3751 or even higher to the key level 1.4333.

Trade recommendation

Remain short towards 1.2698.

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