Forex Technical Analysis: Trend potential – Remain short with your take profit at 1.1990.

GBPUSD – Flat

Remain short with your take profit at 1.1990.

Technical observation

On this last day of trading GBP is still declining steadily towards 1.1990, I sold GBP within the zone 1.3308-1.3199 and i am holding on to that position as I still expect more bearish momentum next week. If you did not sell this pair within 1.3308-1.3199 on the weekly chart above, you can still sell it on the shorter time frames. Right now as long as GBP is contained below 1.3199 only bearish price movements can be anticipated. Long positions may only be advisable above 1.3308 in case of a clear penetration above it followed by a correction to it more than once confirming possible upwards movement towards the resistance level marked at 1.4615.

Trade recommendation

Remain short with your take profit at 1.1990.

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