Forex Technical Analysis: Trend potential – Sell GBPUSD with your take profit at 1.27997.

GBPUSD – Flat

Sell GBPUSD with your take profit at 1.27997.

Technical Observation

Very similar to EURUSD, GBPUSD rose perfectly during the previous week, but failed to break above the daily high 1.29867. This is a very good resistance on the daily chart and while the price is not able to clearly breakout above it, we choose to remain on the parking mode. On the hourly chart attached, we expect a possible decline towards 1.27997, and in case the price breaks below this target, then I still expect further momentum even lower towards 1.26840. The maximum it should decline to is 1.24969.

Trade Recommendations:

Sell GBPUSD with your take profit at 1.27997.

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