Forex Technical Analysis: Trend potential – Short GBP/USD within 1.3805-1.3753

GBPUSD – Flat

Technical observation

Yesterday price was rejected at a support line 1.3515 and is now pulling back to the resistance zone 1.3805-1.3753.I expect a rejection of it within the zone for a bearish momentum of price towards 1.3515 and a breakout below it for further bearish movement of price towards 1.3302,if 1.3302 is breached too, I expect a decline of price to the lowest support line 1.3049.right now wait for the retracement to the zone then short GBP/USD within it with your take profit at 1.3515 and stop loss around 1.3918. Only long GBP/USD In case there’s a clear breach of price above 1.3805 with a big green candle.

Technical levels

Resistance levels

R1.1.3623

R2.1.3673

R3.1.3765

Pivot

1.3583

Support levels

S1.1.3531

S2.1.3488

S3.1.3396

Trade signal

Short GBP/USD within 1.3805-1.3753 with your take profit at 1.3515 and stop loss around 1.3918.

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