Forex Technical Analysis: Trend potential – Wait for a retracement to 1.3605-1.3560

GBPUSD – Flat

Wait for a retracement to 1.3605-1.3560

Technical observation

After a breach below a support zone 1.3605-1.3560,GBP/USD retraced to it three times then rallied down up to a support 1.3302, it broke below it but was not contained then rose above it again. Currently price is rallying towards 1.3605-1.3560 and I expect a rejection of it within the zone for possible bearish movements of price towards 1.3302 and a breakout below it for a further decline in price towards 1.3054. I would advise you wait for a correction to 1.3605-1.3560 then short the pair within it with your take profit at 1.3302 and stop loss around 1.3722.Long positions may only be recommended above 1.3605-1.3560.

Technical levels

Resistance levels

R1.1.339

R2.1.343

R3.1.3539

Pivot

1.3324

Support levels

S1.1.3281

S2.1.3213

S3.1.3104

Trade signal

Wait for a retracement to 1.3605-1.3560 to short GBP with your ideal target at 1.3302.

101% Double the volume

!Attention!
All bonus participates in drawdown!

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.