Forex Technical Analysis: Trend potential – Sell GBPUSD with your take profit at 1.26319.

GBPUSD – Flat

Sell GBPUSD with your take profit at 1.26319.

Technical Observation

GBPUSD is currently in an active downtrend. Following the bearish cross seen between the two simple moving averages, expect a possible momentum to the lowerside, this downward rally is supported by the fact that the price recently went below the 38.2% fib level, 1.28217. This is a possible bearish continuation signal, we expect further momentum to the lowerside and may break below the 50.0% fib level but should not go below the 76.4% fib level, 1.26319, if this target is broken, then further momentum to the lowerside is expected.

Trade Recommendations:

Sell GBPUSD with your take profit at 1.26319.

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