Forex Technical Analysis: Trend potential – Sell GBP at 1.2697

GBPUSD – Flat

Sell GBP at 1.2697

Technical observation

GBP is rising towards a key line 1.2696 and I expect rejection of it at the line for downwards momentum of price towards 1.2113 and a possible breach below it. Wait for the rise to 1.2696 and a bounce at it to pick short positions with your take profit at 1.2113 and stop loss at 1.2933. In case of a clear penetration below 1.2113, wait for a confirmation of further bearish price momentum before you continue short with pair. Long positions may only be recommended in case of a clear breakout above 1.2696 with a big green candle followed by a correction to it more than once. Right now wait for a close at 1.2696 to sell GBP/USD.

Trade recommendation

Sell GBP at 1.2697 with your take profit at 1.2113 and stop loss at 1.2933.

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