Forex Technical Analysis: Trend potential – Sell around (1.4138-1.4081)

GBPUSD – Flat

Sell around (1.4138-1.4081)

Technical observation

GBPUSD went below a key support zone( 1.4138-1.4081) with a big red candle then continued further below up to a key line 1.3762,price then got corrected back to the zone but could not penetrate above it and got rejected then went down, currently price is rallying towards the resistance zone and I expect a rejection of it at the zone ,I also expect possible bearish movement of price towards 1.3762 and a breakout below it towards 1.3301.I would advise you short GBPUSD after the correction with your take profit at 1.3762 and stop loss around 1.4260.

Technical levels

Resistance levels

R1.1.412

R2.1.4206

R3.1.4353

Pivot

1.4058

Support levels

S1.1.3973

S2.1.3911

S3.1.3764

Trade signal

Sell GBPUSD after the correction to (1.4138-1.4081) with your take profit at 1.3762 and stop loss around 1.4260.

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