Forex Technical Analysis: Trend potential – Sell a break below 1.27997 with your take profit at 1.25904.

GBPUSD – Flat

Sell a break below 1.27997 with your take profit at 1.25904.

Technical Observation

Yesterday, after bouncing off from the daily high 1.29867, GBPUSD continued on its way to the lowerside but could not break below the level 1.27997. We’re expecting a possible break below this level to confirm a possible rally to the lowerside with an ultimate target around the 50.0% fib level. On its way to the lower side, the key lines to look for include 1.27997, 1.26840 and the last one is 1.25904. If price breaks below the last level, then further momentum towards the level 1.23812 is expected.

Trade Recommendations:

Sell a break below 1.27997 with your take profit at 1.25904.

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