Forex Technical Analysis: Trend potential – Sell GBP/USD at 1.2904.

GBPUSD – Flat

Sell GBP/USD at 1.2904.

Technical observation

Yesterday, the pair on the daily chart above penetrated below the support 1.2904 with a big red candle and is still rallying below it. As I stated yesterday, in case of clear break below 1.2904 I expect nothing but bearish momentum towards 1.2624.Right now GBP is moving on an increasing bullish movement and I expect a loss of this momentum at 1.2904 followed by possible bearish movements. I’m waiting for the rejection at 1.2904 to sell this pair with my take profit at1.2624 and stop loss around 1.3048.Should there be a break below 1.2624, I’ll wait for a confirmation of further bearish momentum before I continue short with GBP.

Technical levels

Resistance levels

R1.1.3111

R2.1.3155

R3.1.3248

Pivot

1.3067

Support levels

S1.1.3018

S2.1.2968

S3.1.2785

Trade signal

Sell GBP/USD at 1.2904.

Do you know against which currencies GBP is the most profitable?

Sell GBP/USD at 1.2904.

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