Forex Technical Analysis: Trend potential – Wait for the correction to 1.3305

GBPUSD – Flat

Wait for the correction to 1.3305

Technical observation

Just like EUR, GBP/USD is also on downward trend. Price retraced at a resistance zone 1.3605-1.3560 then rallied down towards 1.3305.Recently it broke below 1.3305 with a big red candle and is currently retracing to it. I’m expecting a rejection of price at it for possible bearish movement of price towards 1.3054 and a possible breakout below 1.3054 for a further decline in price towards 1.2792.I would advise you wait for the correction to 1.3305 then short the pair at it with your ideal target at 1.3054.You can also still short the pair within 1.3605-1.3560 in case there’s a breakout above 1.3305 and price is rejected within the zone.

Technical levels

Resistance levels

R1.1.3316

R2.1.3351

R3.1.3439

Pivot

1.3264

Support levels

S1.1.3229

S2.1.3176

S3.1.3089

Trade signal

Wait for the correction to 1.3305 to short GBP/USD with your ideal target at 1.3054 and stop loss around 1.3415.

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