Forex Technical Analysis: Trend potential – Wait for a breakout below 1.30213 to pick a sell. A bounce from the same level will call for a buy towards 1.30878.

GBPUSD – Flat

Wait for a breakout below 1.30213 to pick a sell. A bounce from the same level will call for a buy towards 1.30878.

Technical Observation

Yesterday, GBPUSD remained within a range, not going above 1.30878 or below 1.320213. Today, we’re waiting for either a break below 1.30213 to pick a long term sell towards 1.28145 or a break above 1.30878 to pick a long term buy towards 1.3545. On this chart, the key lines to look for include 1.31140, 1.30878, 1.29730 and 1.29145. As it is on the daily chart, a break below 1.30213 is highly likely, if this should happen, then a long term sell looks much better with an ideal take profit level as indicated above.

Trade Recommendations:

Wait for a breakout below 1.30213 to pick a sell. A bounce from the same level will call for a buy towards 1.30878.

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