Forex Technical Analysis: Trend potential – Sell GBP at 1.2696

GBPUSD – Flat

Sell GBP at 1.2696

Technical observation

Just like EUR, GBP could not penetrate above the resistance 1.2696, price bounced at it and is now rallying towards the support 1.2113.I expect possible bearish price rally towards 1.2113 and a breakout below it followed by a pullback to it for a further decline towards 1.1526.I would advise you sell this pair now at 1.2696 with your take profit at 1.2113 and stop loss 1.2881. This pair is pretty much bearish and so only short positions can be recommended. Long positions may only be advisable in case of a clear penetration above 1.2696 with a big green candle followed by a correction to it towards the resistance 1.3271.

Trade recommendation

Sell GBP now at 1.2696 with your take profit at 1.2113 and stop loss 1.2881.

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