Forex Technical Analysis: Trend potential – Sell GBP/USD within 1.3417-1.3308

GBPUSD – Flat

Sell GBP/USD within 1.3417-1.3308

Technical observation

Price is rallying below the resistance zone 1.3417-1.3308 and I expect a pullback to it followed by rejection within it for downwards momentum of GBP. My advice, wait for a correction to 1.3417-1.3308 and a rejection within it to short GBP with your take profit at 1.1990 and stop loss slightly above 1.3417.In case of a clear breach below 1.1990, wait for a confirmation of further bearish momentum of price before you continue short with GBP. Should there be a clear break above 1.3417, wait for a confirmation of bullish momentum of price before you pick long positions with your ideal target at the resistance 1.4615.

Trade recommendation

Wait for a correction to 1.3417-1.3308 to sell GBP.

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

Sell GBP/USD within 1.3417-1.3308

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