Forex Technical Analysis: Trend potential – We’re short within 1.3417-1.3308

GBPUSD – Flat

We're short within 1.3417-1.3308

Technical observation

GBP/USD is still rallying below the resistance zone 1.3417-1.3308,I expect a retracement to it followed by a bounce within it for possible bearish movement towards 1.1990.My advice, wait for a pull back to 1.3417-1.3308 then re-sell this pair within it with your take profit at 1.1990 and stop loss slightly above 1.3417.If this take profit is hit and there’s a clear break below it with a big red candle, wait for a correction to it before you continue short with GBP.As long as price remains below 1.3417-1.3308,only short positions can be advisable on the weekly chart above, long positions may only be recommended above 1.3417 towards 1.4615.

Technical levels

Resistance levels

R1.1.3104

R2.1.3245

R3.1.3591

Pivot

1.29

Support levels

S1.1.2759

S2.1.2554

S3.1.2209

Trade signal

Wait for a correction to 1.3417-1.3308 to sell GBP.

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

We're short within 1.3417-1.3308

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