Forex Technical Analysis: Trend potential – We’re short towards 1.2904

GBPUSD – Flat

We're short towards 1.2904

Technical observation

GBP/USD is currently rallying on an increasing bearish momentum towards the support 1.2904. Yesterday, this pair rose to the key resistance zone 1.3315-1.3281 but could not penetrate above it and was rejected closing below it. I picked short positions within the zone and I’m holding onto this position with my first take profit at 1.2904 and the next at 1.2624 and my stop loss slightly above 1.3315.Right now, only short positions can be recommended on the chart above, long positions may only be advisable should there be a clear breach above 1.3315 with a big green candle followed by a correction to it confirming possible upward momentum.

Technical levels

Resistance levels

R1.1.3225

R2.1.3298

R3.1.341

Pivot

1.3190

Support levels

S1.1.3113

S2.1.3073

S3.1.2961

Trade signal

Remain short towards 1.2904.

Do you know against which currencies GBP is the most profitable?

We're short towards 1.2904

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