Forex Technical Analysis: Trend potential – Wait a correction to 1.3317-1.3271

GBPUSD – Flat

Technical observation

GBP is still rising steadily towards the resistance zone 1.3317-1.3271 and I expect a rejection of it within the zone for bearish price rally towards 1.2709.You can wait a correction to 1.3317-1.3271 and a rejection within it to sell GBP with your take profit at 1.2709 and stop loss at 1.3493.Should there be a clear penetration above 1.3317-1.3271 with a big green candle followed by a correction to it then bullish momentum of price will be anticipated towards the key resistance level marked at 1.3751.Right now as long as this pair is contained below the zone 1.3317-1.3271 only short positions look ideal and may be recommended.

Trade recommendation

Wait a correction to 1.3317-1.3271 and a rejection within it to sell GBP.

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