Forex Technical Analysis: Trend potential – Wait for a pullback to 1.3316-1.3271 to sell GBP.

GBPUSD – Flat

Wait for a pullback to 1.3316-1.3271 to sell GBP.

Technical observation

GBP is currently trading on an increasing bullish bias below a resistance zone 1.3316-1.3271, I expect a rise to the zone and a loss of this movement for bearish price movements towards 1.2690.Should price penetrate below 1.2690 then more bearish movements towards 1.2060 can be expected. Wait for the rise to 1.3316-1.3271 and a rejection within it to sell GBP with your take profit at 1.2698 and stop loss at 1.3489.You can continue short with GBP in case of a clear penetration below 1.2698 followed by a correction to it and a bounce confirming further movements to the lower side. Long positions may only be recommended above 1.3316.

Trade recommendation

Wait for a pullback to 1.3316-1.3271 to sell GBP.

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