Forex Technical Analysis: Trend potential – Short GBP towards 1.2423


Short GBP towards 1.2423

Technical observation

GBP traded with a slight bullish bias for two days towards the resistance 1.2811 and it still ended up closing below it, right now it is declining towards the key level 1.2423, my expectation is bearish momentum towards 1.2423 and a possible breakout below it for a further decline. You can sell this pair now with your take profit at 1.2423 and stop loss at 1.2968.Should there be a clear penetration above 1.2811 with a big green candle then bullish movements of price towards the key resistance zone 1.3316-1.3282 will be anticipated, right now as long as GBP is contained below 1.2811, only short positions look ideal and may be recommended.

Trade recommendation

Sell GBP with your take profit at 1.2423 and stop loss at 1.2968.

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