Forex Technical Analysis: Trend potential – Sell GBP/USD within 1.3317-1.3281

GBPUSD – Flat

Sell GBP/USD within 1.3317-1.3281

Technical observation

The pair on the daily chart above was rejected at 1.2693 and is currently pulling back to 1.3317-1.3281, I expect nothing but a rejection of it within the zone for bearish movement of GBP towards 1.2693 and a possible breakout below it for a further decline in price. I’m waiting for the pullback to the zone and looking to short this pair within it with my take profit at 1.2693 and stop loss slightly above 1.3317.Should there be a clear break above 1.3317 with a big green candle, wait for a retracement to it confirming bullish momentum of price before you buy this pair towards the resistance 1.3756 or even higher towards 1.4238.

Technical levels

Resistance levels

R1.1.2855

R2.1.2881

R3.1.2946

Pivot

1.2822

Support levels

S1.1.279

S2.1.2751

S3.1.2686

Trade signal

Wait for a correction to 1.3317-1.3281 to sell GBP/USD.

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

Sell GBP/USD within 1.3317-1.3281

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