Forex Technical Analysis: Trend potential – Wait and selll a break below 1.27997.


Wait and selll a break below 1.27997.

Technical Observation

Few days ago, GBPUSD rallied to the upper side but could not breakout above the upper trendline. We took a sell position following the bounce from the level 1.29067 and is still holding, we expect price to rally even lower towards 1.27997 and could extend even lower. The idea is not to pick a sell now, rather, wait for either a retracement back towards 1.29867 to pick a long term sell position, or wait for break below 1.27997 to pick a low risk sell order with an ultimate take profit level around the 50.0 % fib level.

Trade Recommendations:

Wait and sell a break below 1.27997.

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