Forex Technical Analysis: Trend potential – Sell GBP now within 1.3316-1.3271

GBPUSD – Flat

Sell GBP now within 1.3316-1.3271

Technical observation

Yesterday GBP rose to the zone 1.3316-1.3271 but could not penetrate above it, price was contained and is currently rallying on an increasing bearish momentum within the zone .I expect more of this movement towards the support level marked at 1.2698 and a possible breakout below it for a further decline in price towards 1.2080.You can sell this pair now within the zone with your take profit at 1.2698 and stop loss at 1.3489, continue short towards 1.2080 after a penetration below 1.2698 followed by a correction to it.Long positions may only be advisable in case of a clear breach above 1.3316-1.3271 followed by a correction to it.

Trade recommendation

Sell GBP now within 1.3316-1.3271 with your take profit at 1.2698 and stop loss at 1.3489.

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