Forex Technical Analysis: Trend potential – Short GBP/USD now

GBPUSD – Flat

Short GBP/USD now

Technical observation

Yesterday’s candle closed as a pinbar; it sent its tail to the resistance line 1.3562,and could not penetrate above the line and so was rejected, I expect bearish momentum towards 1.3302 and a breakout below it for a further decline in price towards 1.3054 as I expect a decline in price today and the days to come.Im looking to short GBP now with my first take profit at 1.3302 and the next at 1.3054.On the way downwards the key lines to look out for include,1.3562,1.3302 and 1.3054.Lomg positions can only be advised in case of a clear breach above the resistance zone 1.3805-1.3755 with a big green candle.

Technical levels

Resistance levels

R1.1.3592

R2.1.3641

R3.1.3736

Pivot

1.3553

Support levels

S1.1.3497

S2.1.3452

S3.1.3358

Trade signal

Short GBP/USD now with your take profit at 1.3302 and stop loss around 1.3678.

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