Forex Technical Analysis: Trend potential – Wait for a breakout below 1.2904.

GBPUSD – Flat

Wait for a breakout below 1.2904.

Technical observation

GBP/USD is declining towards the support 1.2904, I expect a possible clear breach below it followed by a correction to it for possible downwards movement of price towards 1.2624.My advice, wait for a breakout below the line and a correction to it then pick short positions at it with your take profit at 1.2624 and stop loss slightly above 1.2904.In case of a break below 1.2624, wait for a pullback to it before you continue short with GBP. Should there be no break below 1.2904 but a bounce at it and a pull back to the resistance zone 1.3315-1.3281, you can still sell this pair within just mentioned zone after a rejection of price within it.

Technical levels

Resistance levels

R1.1.3111

R2.1.3155

R3.1.3248

Pivot

1.3063

Support levels

S1.1.3018

S2.1.2968

S3.1.2785

Trade signal

Wait for a breakout below 1.2904.

Do you know against which currencies GBP is the most profitable?

Wait for a breakout below 1.2904.

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