Forex Technical Analysis: Trend potential – Wait for a correction to 1.3009

GBPUSD – Flat

Technical observation

Recently, there was a clear breach below the support 1.3009, price is currently correcting to the just broken line and I expect a bounce of it from the line for possible bearish momentum towards the support 1.2792 and a possible breakout below it for a further decline in price. Wait for the correction to 1.3009 and rejection at it then short GBP at the line with your take profit at 1.2792 and stop loss around 1.3125.In case of a breach below 1.2792, wait for a correction to it before you continue short with the pair. Only short positions look ideal and can be recommended on the daily chart above.

Technical levels

Resistance levels

R1.1.3039

R2.1.3076

R3.1.3144

Pivot

1.3007

Support levels

S1.1.2971

S2.1.2939

S3.1.287

Trade signal

Wait for a correction to 1.3009 to short GBP/USD

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