Forex Technical Analysis: Trend potential – Wait for a correction to sell

GBPUSD – Flat

Wait for a correction to sell

Technical observation

Yesterday, GBPUSD broke down below a key support zone (1.4237-1.4225) with a big red candle, immediately after the breakout,corrected to the zone but could not penetrate above it and was rejected it then rallied down and is currently correcting to the zone and I expect a possible rejection within or a round the zone for bearish movement of price towards the key line 1.4143.I also expect a breakout below the line for a further decline in price towards the lower key line 1.3987.I would advise you wait for a correction to the zone to sell GBP with your take profit at 1.4143 and stop loss around 1.4284.

Technical levels

Resistance levels

R1.1.4245

R2.1.4252

R3.1.4263

Pivot

1.4241

Support levels

S1.1.4234

S2.1.4229

S3.1.4218

Trade signal

Wait for a correction to the zone to sell GBP with your take profit at 1.4143 and stop loss around 1.4284.

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