Forex Technical Analysis: Trend potential – Sell GBP within 1.2685-1.2673

GBPUSD – Flat

Sell GBP within 1.2685-1.2673

Technical observation

On the 4 hour chart above GBP/USD is correcting to a resistance zone 1.2685-1.2673 and my expectation is nothing but a rejection within it for bearish price momentum towards 1.2474.Wait for the pullback to the above mentioned zone and a rejection within it to sell GBP with your take profit at 1.2474 and stop loss at 1.2751. Recently price broke above the zone 1.2685-2.2673 but it could not be contained above it then it went down, in case of a clear breach above 1.2685-1.2673 with a big green candle, wait for a correction and a rejection within it to confirm the breakout is not false before you buy this pair.

Trade recommendation

Wait for a correction to 1.2685-1.2673 to sell GBP with your take profit at 1.2474 and stop loss at 1.2751.

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