Forex Technical Analysis: Trend potential – Short GBP/USD around 1.3306

GBPUSD – Flat

Short GBP/USD around 1.3306

Technical observation

Yesterday instead of pulling back to the resistance zone 1.3567-1.3515,GBP/USD broke below the support line 1.3306 and I expect a pullback to it for possible downwards movement of price towards the support line 1.3054 and a breakout below it for a further decline in price towards 1.2792.Wait for the retracement to 1.3306 then short the pair on the second retracement to it. The pair on the daily chart above is on a downward momentum and so I expect a decline in price, long positions may only be recommended in case of a clear breakout above 1.3567 with a big green candle and a pullback to it.

Technical levels

Resistance levels

R1.1.3352

R2.1.3408

R3.1.3495

Pivot

1.3324

Support levels

S1.1.3266

S2.1.3236

S3.1.3149

Trade signal

Wait for a correction to1.3306 to short GBP/USD with your take profit at 1.3054 and stop loss around 1.3422.

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