Forex Technical Analysis: Trend potential – We’re short towards 1.1990.


We're short towards 1.1990.

Technical observation

For the past two weeks, GBP has been rallying on an increasing bearish momentum and i expect more of this momentum this week towards the support 1.1990 and a possible breakout below it. If you sold GBP within 1.3308-1.3210 hold on to that position with your take profit at 1.1990 and stop loss at 1.3798.If you had not it yet, you can wait for either another correction to 1.3308-1.3210 and a rejection within it to sell GBP or a clear penetration below 1.1990 followed by a correction to it and a rejection to sell GBP.The general trend for the pair on the weekly chart above is downwards making only short positions ideal and recommendable.

Trade recommendation

Remain short with your take profit at 1.1990.

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