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Forex Technical Analysis: Trend potential – Wait for a close within 1.3315-1.3281 to sell GBP.

GBPUSD – Flat

Wait for a close within 1.3315-1.3281 to sell GBP.

Technical observation

For the past few days, this pair has been rising steadily towards the resistance zone 1.3315-1.3281. Right now it is rallying below this zone and I expect arise to it followed by a bounce for possible bearish momentum towards 1.2904.I’m looking to sell this pair within the above mentioned zone with my take profit at 1.2904 and stop loss around 1.3447.Should there be a clear breakout above 1.3315-1.3281 with a big green candle, I’ll wait for a correction to it confirming upwards momentum of price before I buy GBP towards the line 1.3746.Right now, I will remain flat temporarily and wait for a close within 1.3315-1.3281 to sell GBP.

Technical levels

Resistance levels

R1.1.3068

R2.1.3113

R3.1.3229

Pivot

1.3005

Support levels

S1.1.2952

S2.1.2881

S3.1.2766

Trade signal

Wait for a close within 1.3315-1.3281 to sell GBP.

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

Wait for a close within 1.3315-1.3281 to sell GBP.

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You may check other analytical reviews on FreshForex website. Source: freshforex.com.

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