Forex Technical Analysis: Trend potential – Wait for a breakout below 1.3009.

GBPUSD – Flat

Wait for a breakout below 1.3009.

Technical observation

GBP/USD has been declining towards a key support line 1.3009 and is currently at it.I expect either a clear breach below it with a big red candle or a rejection at it followed by a correction to the resistance zone 1.3314-1.3279.If price is rejected at 1.3009 and pulls back to 1.3314-1.3279,you can short the pair within the zone with your ideal target at 1.3009 and stop loss slightly above 1.3314,and if there’s a breach below 1.3009 with a big red candle, wait for a correction to it before you sell the pair towards 1.2792. Only short positions can be recommended on the daily chart above.

Technical levels

Resistance levels

R1.1.3164

R2.1.321

R3.1.3295

Pivot

1.3130

Support levels

S1.1.308

S2.1.3042

S3.1.2958

Trade signal

Wait for a breakout below 1.3009.

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

Wait for a breakout below 1.3009.

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