Forex Technical Analysis: Trend potential – Wait for a correction to 1.3060-1.3043


Wait for a correction to 1.3060-1.3043

Technical observation

GBP retraced to the zone 1.3060-1.3043 but could not reach it, price then declined to 1.2833 but was contained above it and could not breach below the level. Right now GBP is rallying upwards and I expect a loss of this movement within 1.3060-1.3043 to sell GBP with my take profit at 1.2833 and stop loss at 1.3120.Should there be a clear penetration below 1.2833 then more bearish price rally towards the support 1.2540 can be expected. As long as this commodity is contained below 1.3060-1.3043 only short positions look ideal and can be advisable, long positions may only be recommended above the zone 1.3060-1.3043.

Trade recommendation

Wait for a correction to 1.3060-1.3043 to sell GBP.

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