Forex Technical Analysis: Trend potential – We’re short at 1.2696

GBPUSD – Flat

We're short at 1.2696

Technical observation

On the daily chart above, price is rallying below the resistance level 1.2696 and my expectation is a bounce at it followed possible bearish price rally towards the support 1.2113.You can sell this pair at 1.2696 after a rejection at it with your take profit at 1.2113 and stop loss at 1.2881.In case of a break below 1.2113, wait for a pull back to it confirming further bearish momentum before you continue short with GBP. Should there be a clear breakout above 1.2696 with a big green candle, then bullish price rally will be anticipated towards the key resistance zone 1.3317-1.3271 and even a breakout above it followed by a further rise in price.

Trade recommendation

Sell GBP at 1.2696 with your take profit at 1.2113 and stop loss at 1.2881.

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