Forex Technical Analysis: Trend potential – We’re short within 1.3316-1.3271

GBPUSD – Flat

Technical observation

After several days of rising GBP reached the resistance zone 1.3316-1.3271 but could not penetrate above it and was contained, right now I expect price to rally on an increasing bearish momentum towards the support 1.2698, you can sell this pair now within 1.3316-1.3271 with your take profit at1.2698 and stop loss at 1.3493.Should there be a clear breach below 1.2698 with a big red candle, continue short with GBP towards the support 1.2080 after a correction to the just broken level and a rejection at it. As long as GBP is contained below the resistance zone 1.3316-1.3271, only short positions look ideal and may be recommended.

Trade recommendation

Sell GBP within 1.3316-1.3271 with your take profit at1.2698 and stop loss at 1.3493.

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