Forex Technical Analysis: Trend potential – Short GBP/USD within 1.3605-1.3560

GBPUSD – Flat

Technical observation

GBP/USD is still rising towards the resistance zone 1.3605-1.3560 and I expect a rejection of it within the zone for possible bearish momentum towards 1.3302, I also expect a breakout below 1.3302 for a further decline in price towards 1.3054. I am waiting for the retracement to 1.3605-1.3560 to short the pair within the zone with my take profit at 1.3302 and stop loss around 1.3722.In case of a breach below 1.3302, wait for a retracement to it then continue short with GBP.Long positions may only be recommended if there’s a clear breach of price above 1.3605 with a big green candle and corrections to it more than once.

Technical levels

Resistance levels

R1.1.339

R2.1.343

R3.1.3539

Pivot

1.3328

Support levels

S1.1.3281

S2.1.3213

S3.1.3104

Trade signal

Short GBP/USD within 1.3605-1.3560 with your take profit at 1.3302 and stop loss around 1.3722.

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